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Novacke Chemicke Zavody files for bankruptcy

October 05/2009
BRATISLAVA (TASR) - Chemicals company Novacke Chemicke Zavody (NCHZ), based in the town of Novaky (Trencin region), has filed for bankruptcy and protection from its creditors at Trencin District Court.

The company produces chemical products for their further processing in industry and employs 1,800 people. It was one of nine European companies to receive a fine from the European Commission in July for entering into a cartel agreement concerning sales of calcium carbide.

The overall fine amounted to ?61 million, with NCHZ and its former shareholder 1. garantovana (1st Guaranteed) ordered to pay ?19.6 million as its share.

NCHZ is currently solely owned by a Cyprus-based company called Disor Holdings Limited.

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