Glatzová & Co. advised Vítkovice foundries on reorganisation

Back to list

Glatzová & Co. provided legal service to Vítkovice Slévárny in negotiating and preparing a reorganisation plan and approving a pre-packaged reorganisation, including the preparation of loan financing to secure liquidity during insolvency proceedings. This process was completed with the successful approval of the reorganisation by the Regional Court in Ostrava, where the reorganisation plan was supported by 100 % of secured creditors and more than 56 % of unsecured creditors. The approval of the prepackaged reorganisation plan was the first milestone in the recovery process. The next one will come when the final reorganisation plan is approved next year, Václav Žalud, Head of Glatzová & Co.'s legal team, said: „Despite the pending out-of-court restructuring that took place earlier this year, the client finally managed to convince banks and other creditors to support the reorganisation. For us, this is a commitment not to disappoint them and to achieve the highest possible satisfaction of their claims." The reorganisation opens the way for a significant divestment process (mainly of real estate) and the entry of an investor into the company, which will operate a roller foundry with a unique position in the European market. The management of the debtor was supported by crisis manager Ladislav Musil, the sale process of the division is managed by EY and the real estate division by Knight Frank. Glatzová & Co. provides comprehensive legal support to all parties involved in the process on the debtor's side.


All Press releases
Press releases

Komplexní poradenství pro společnost J&T BANKA

Poskytli jsme komplexní právní poradenství společnostem J&T BANKA, a.s. jako manažeru, administrátoru a kotačnímu agentu a J&T IB and Capital Markets, a.s. jako aranžéru v souvislosti s přípravou…

Press releases

Comprehensive advisory services for J&T BANKA

We advised J&T BANKA, a.s. as the manager, administrator and listing agent and J&T IB and Capital Markets, a.s. as the arranger in connection with up to CZK 600 000 000 publicly offered senior…