Road for Zetor opens
Article Abstract:
Zetor (Brno, Czech Republic), tractor company, should undergo a three-point rescue plan by the end of 2000. The fir step will be a proposal for judicial settlement with creditors. Zetor meets conditions for a bankruptcy order and judicial settlement is the only possibility to avoid it. The second step will be the restart of series production with the help of RA Traktor (Czech Republic). The third step will be the entrance of a strategical partner, which is expected by the end of 2000. Zetor's shareholders approved the reduction of stock from 2.483 bil Kc to 4.139 mil Kc at a general assembly in June 2000. A reason is a long-term loss, which amounted to 1.691 bil Kc for 1999 according to unaudited results. Zetor has been struggling with serious problem since 1999.
Publication Name: Ekonom-Tydenik Hospodarskych Novin
Subject: Business, international
ISSN:
Year: 2000
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Zetor has to face a crisis again
Article Abstract:
Zetor (Brno, Czech Republic), tractor manufacturer, saw a loss of about 700 mil Kc in 1998, according to preliminary results. The sum is 10-times bigger compared to the expected loss. The main reasons for the drop are the stoppage of tractor supplies abroad and the strong exchange rate of the Czech crown. Zetor has to face a financial crisis again. Zetor's debts were cleared by Konsolidacni banka (KB) (Prague, Czech Republic), which acquired a 98% stake in the firm for 4.9 bil Kc. KB has transferred the majority of shares in Zetor to the trade company Motokov International (Prague, Czech Republic).
Publication Name: Ekonom-Tydenik Hospodarskych Novin
Subject: Business, international
ISSN:
Year: 1999
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