Cargo Slovakia requests 1-year postponement of state loan repayment.

By bne IntelliNews January 19, 2011
The state-run railway freight company Cargo Slovakia requested a 1-year postponement of the EUR 166mn financial assistance repayment, website sme.sk informed. The company had to pay EUR 10mn in Feb and further EUR 10mn installments were due twice a year until 2019. The state loan amounted to EUR 400mn and was approved by the former government of Robert Fico in order to mitigate the impact of the financial crisis. The funding was spent on covering operating and investment costs. Earlier it was announced that the company would close 2010 with a loss of EUR 102.8mn or 18.8% y/y improvement of the economic result.

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