Sklarny Kavalier declared bankrupt

Glass maker Sklarny Kavalier, a member of the group Bohemia Crystalex Trading (BCT), was declared bankrupt on 9 February 2009 by the Municipal Court in Prague, according to data from the insolvency re…

Glass maker Sklarny Kavalier, a member of the group Bohemia Crystalex Trading (BCT), was declared bankrupt on 9 February 2009 by the Municipal Court in Prague, according to data from the insolvency register. The bankruptcy proceedings had been preferred by the glass maker“s owners in the insolvency petition filed September 2009. They make it possible to complete the sale of the company to a new owner, said BCT spokesman Karel Samec, adding that Sklarny Kavalier is continuing production. A financial adviser will be chosen to help the insolvency administrator find a new owner. The sale of the company will continue irrespective of potential state aid, said Mr. Samec. A total of 261 creditors registered claims exceeding CZK 6.2 billion by the 8 February 2009 deadline. Sklarny Kavalier“s largest creditors are banks, including Citibank Europe (CZK 2.731 billion) and Komercni banka (CZK 603 million), and other units in the BCT group (CZK 1.427 million). Sklarny Kavalier is a leading company in the group. With 1,300 staff, it ranks among the leading world producers using SIMAX technology. Insolvency proceedings against the company as well as the entire group were launched on 22 September 2008 due to a lack of capital. Other firms in the group have already wound up production.