Insolvency proceedings start with Liberty Ostrava Steelworks

The Regional Court in Ostrava has opened insolvency proceedings with the Liberty Ostrava Steelworks, the largest steel producer in Czechia. The insolvency petition was filed by the company itself which said it was unable to meet overdue liabilities exceeding CZK 5 billion. Liberty has been struggling with severe financial problems since last autumn. Most of its operations have been closed since December of last year. The company employs 5,000 people.