The Municipal Court in Prague has approved the reorganisation plan of the creditor Smartwings as part of the insolvency proceedings against the indebted Czech Airlines (CSA). This stems from documents filed in the insolvency register. As ČIANEWS previously reported, the reorganisation plan represents, according to an expert opinion, an option that is more advantageous for the creditor by CZK 94m than bankruptcy. As part of the reorganisation, CSA will receive a settlement loan of CZK 125m from Prague City Air (PCA), from which creditors will be paid, and an operating loan of CZK 15m. CSA's total unsecured liabilities amount to CZK 19.90bn.
Prepared by the team of CzechTrade Cairo