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Electronics Production | June 15, 2006

LG Philips in Czech Republic looks for investors

LG.Philips in Hranice, expects a new strategic partner to enter the company in late 2006 or early 2007 and the management is currently holding talks with 15 potential investors.

The plant had financial problems in early 2006 and had to suspend operation for four days, but has since resumed it. The company has recently proposed at the Regional Court, settlement with creditors to resolve debts worth EUR 230 million. LG Philips Displays offers to pay 30 percent of the debts, or some EUR 70 million, in 18 months. If, however, creditors disagree with the proposal, the plant would have to be declared bankrupt. Local media reports.
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