Pula Steel Judicial Manager appeals for stakeholder cooperation
Friday, 10 March, 2017 - 13:30
Pula Steel Judicial Manager, Vijay Kulya-naraman has appealed to all stakeholders, including creditors, to cooperate with him to ensure that the company resumes operations.
Vijay said although Pula Steel faces a number of challenges, conditions for a comeback are favorable, as the steel industry has improved significantly over the past few months.
He revealed that Pula Steel is deep in debt, with close to a hundred creditors owed tens of millions of Pula.
Vijay further explained that placing the company under judicial management, has managed to save it from creditors who wanted to auction some of the company assets.
At the time the judicial order was granted, there were seven court orders awarded against the company, while its fleet of trucks and small cars were auctioned by one of the creditors in the last two weeks.
The company on Wednesday terminated the contracts of all employees, including the company's former management.