This week, the company itself, which is one of the largest companies in the Czech Republic, submitted a proposal to abolish the moratorium before closing insolvent companies.
The moratorium is effective from the moment it is published in the Insolvency Register and lasts until November 13.
In the proposal, the company stated that it had found itself in a difficult economic situation, which showed signs of failure. In order to improve its situation, it prepared a full reorganization in cooperation with specialized advisers.
The company stated that they have receivables for more than 700 million crowns. At the end of last year, the company had 300 employees.
Vtkovick Slvrny said that as soon as it has received the support of more than half of all captive and non-captive owners, it intends to submit the reorganization in full to the insolvency court together with the insolvency proposal, which will be combined with the proposal for permission to reorganize. Assume that the insolvency proposal is filed during the canceled moratorium.
Thus, the element of the moratorium is mainly the protection of the property of the debtor during the voting period on the reorganized plenum. Dlunk has set a deadline of November 13, 2023 for the vote on the reorganization plan, the company said.
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In the prepared reorganization plan, the company stated that it is going through an operational restructuring, when it will close down the operations of the Casting Service Division (DSO). He intended to complete DSO’s orders from DSO’s resources and unfinished products, and to sell off the rest of DSO’s assets, the company said.
The pension from the sale of this property will be used to satisfy the debtor’s debt. In the other part of the company, the truck distribution division, the maintenance operation will remain and the company wants to find an investor who will then join the company.
Vtkovick slvrny is a traditional manufacturer of metal castings, shaped castings from steel and cast iron, and castings from copper alloys. It is one of the most important Slavic companies in Central and Eastern Europe in wolf production.