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Czech Liberty Ostrava receives creditor protection, prepares to restructure

1 Dec 2023 16:39 reported by Stanley Wang

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The Czech Republic's Liberty Ostrava, which belongs to Britain's Liberty Steel, is under operational difficulty and has received a court order for protection from its creditor, energy supplier Tameh Czech. After that, Liberty Ostrava will prepare a restructuring plan.

The company applied for a moratorium in the regional court in Ostrava under Czech preventive restructuring rules, which allowed the company, which was under problem, to restructure outside of formal bankrupt proceedings. The order allows the company to implement a restructuring plan, including the restart of blast furnace No.3 and expand its production.

Because of low demand, Ostrava shut down the only operational blast furnace, and another European blast furnace in Romania's Galati also stopped operation.

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