Plzeň’s main steelworks company has filed an insolvency petition and accrued 5 billion crowns in debt, the daily E15 reports. Pilsen Steel saw its funding from a Russian bank cut off last year.
The steelworks’ largest creditors are both majority controlled by Russian entities – VEB Kapital and Vemex – while ČEZ Prodej, part of the Czech state-controlled utility, is also a major creditor.
Pilsen Steel trade unions say they expect a significant number of the more than 1,000 employees to be laid off and fear salaries may go unpaid.
Jana Ciglerová: Americans say their lives are fantastic, Czechs say everything is terrible – neither is true
Study: Demand for new flats in Prague set to keep outstripping supply
“There is good, better and then there is the USSR.” – New book depicts life in communist Czechoslovakia through memories of people who experienced it
1945-1948: From liberation to Stalinism
‘The fat lady sings’: Prague’s State Opera marks restoration to former glory with gala concert