M-Energo bids for bankrupt NCHZ chemical plant

Workers at NCHZ fear for their future

The large chemical producer NCHZ could have a prospective buyer to pull it out of its bankrupt state. The company M-Energo, owned by businessman Miroslav Remeta, has expressed an interest in acquiring the company.

NCHZ was declared bankrupt after having a fine of EUR 19.6 million slapped on it by the European Commission due to an alleged cartel agreement. The plant is threatened with closure in February 2011 if it isn’t rescued.

If the receiver gives the thumbs up to M-Energo’s proposal, it will mean NChZ will be in Slovak hands. Alternatively, the state privatisation agency FNM could also take over the company as a strategic company, as the state has a registered claim toward NCHZ worth EUR 21.57 million and has the right to equal any other bid made.

The Ministry of Economy has announced, though, that it has no interest in acquiring the plant, which employs over 2,000 people.

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