Vítkovice Power Engineering, one of the key daughter companies of the
engineering conglomerate Vítkovice, has filed for reorganization
bankruptcy. The company reportedly owes close to two billion crowns to over
700 creditors. The regional court in Ostrava, which was due to deal with a
proposal for bankruptcy against the firm by one of its biggest creditors,
Westag Invest, on Friday has cancelled the hearing.
Illustrative photo: Harald Hoyer, CC BY-SA 2.0
Although the firm Westag Invest filed its bankruptcy proposal against VPE
in the spring of this year, the owner of the mother company Vítkovice, Jan
Svtlík, fought a four months unsuccessful battle to protect the daughter
company from insolvency proceedings. He insisted tha…
Read the full article at: http://www.radio.cz/en/section/business/vitkovice-power-engineering-files-for-reorganization-bankruptcy-in-the-hope-of-retaining-control-over-insolvency-proceedings
