The Czech subsidiary of the TV set producer LG.Philips Displays is surviving despite the bankruptcy of its headquarters. The bill is very heavy for the Czech government which had granted 52 million euros to attract the Dutch firm in the country. (Ref 06905)
Creditors came to an agreement to give a last chance to the Czech subsidiary of LG Philips. The biggest creditor is the State, which had encouraged the Dutch firm to establish itself in the Czech Republic by granting 52 million euros in exchange for commitments on jobs and investment in research for the next ten years. The company owes another 28 million euros to the State which will compensate for this debt by increasing its participation in the firm’s capital.
The plant, which employs 1200 p
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