CSOB helps to restructure Porcela Plus and Bohemia Crystalex

Ceskoslovenska Obchodni Banka (CSOB) recently secured syndicated loans worth CZK 6.66 billion for the group around Czech Republic companies Porcela Plus and Bohemia Crystalex Trading and thus helped w…

Ceskoslovenska Obchodni Banka (CSOB) recently secured syndicated loans worth CZK 6.66 billion for the group around Czech Republic companies Porcela Plus and Bohemia Crystalex Trading and thus helped with the ownership and loan restructuring of the companies. CSOB inherited shares and loans in the companies of the group through last year“s acquisition of the failed Investicni a Postovni banka (IPB). Apart from CSOB, the banks involved in the new loans include Citibank, Komercni banka, Ceska sporitelna, Raiffeisenbank and the Prague-based office of HSBC Bank. Syndicated loans worth CZK 5.25 billion were granted to Czech Republic glass producers BCT, Sklarny Kavalier, Crystalex, Sklarny Bohemia and Sklo Bohemia. The remaining CZK 1.41 billion went to the group of china producers comprising Karlovarsky porcelan, Porcela Plus and Concordia. The restructuring was aimed at setting up the standard ownership and loan relations, so that banks would be willing to provide new finances and the loans would not have to be transferred from IPB to bail-out bank Konsolidacni banka.