The Municipal Court in Prague decided to convert the reorganization of Energetického Holding Malina into bankruptcy. He did so at the suggestion of the company itself, which has been in bankruptcy since last May. This follows from a document published in the electronic version of the Insolvency Register. Despite several attempts, the company was unable to find a partner with whom it would complete the existing contracts.
Energetický Holding Malina was one of the largest suppliers of rooftop photovoltaics in the Czech Republic. Last spring, however, the company admitted problems with securing orders. The management of the company therefore submitted a proposal for insolvency, in which it stated liabilities for approximately 1.4 billion crowns.
In February of this year, Fotovolty presented a reorganization plan to Malina’s creditors’ committee. He expected that the company would continue to function for existing and future customers after the reorganization. At the beginning of May, Malina informed the court that the consortium around the Fotovolta company only pretended to be interested in reaching an agreement and did not present its draft reorganization plan despite calls.
Malina therefore proposed to the court to convert the reorganization into bankruptcy. The Prague Municipal Court granted the proposal. It is possible to appeal against the decision to the High Court within 15 days.
The management of Malina has been working on the reorganization plan since last year, when the creditors allowed the reorganization of the company. At the beginning of March, the holding was counting on the option that, in cooperation with the Chinese company GoodHao, it would deliver components to waiting clients, and customers would have to arrange for subsequent installation elsewhere.
Together with the insolvency proceedings, Malina’s dispute with the Misura IT company of entrepreneur Libuša Barková, who helped Malina with the crisis management for part of last year, continues.
