Glatzova & Co has advised the Vitkovice foundries on the negotiation and preparation of the reorganization plan and the approval of the prepackaged reorganization, including the preparation of credit financing to ensure liquidity during insolvency proceedings.
According to Glatzova & Co, “this process was completed by the successful authorization of the reorganization by the Regional Court in Ostrava, when the reorganization plan received the support of 100% of secured creditors and more than 56% of unsecured creditors. The approval of the prepackaged reorganization plan was the first milestone in the recovery process. Another will come when the final reorganization plan is approved next year.”
Back in May, Glatzova & Co also advised on the restructuring of 16 loans, amounting to almost CZK 600 million in total, for Vitkovicke Slevarny (as reported by CEE Legal Matters on May 23, 2023).
The Glatzova & Co team included Counsel Vaclav Zalud, Senior Associate David Kytler, and Trainee Tomas Farnik.