Glatzova & Co Advises Kara Trutnov on Reorganization

Glatzova & Co Advises Kara Trutnov on Reorganization

Czech Republic
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Glatzova & Co has advised Czech apparel and fashion company Kara Trutnov on the approval of the reorganization plan within its insolvency proceedings.

The reorganization plan was prepared by Kara’s creditor, the Natland investment group, and was approved by the Hradec Kralove Regional Court on November 8, 2021.

The court’s decision "means, among other things, maintaining the company's operations," Natland informed. "In addition, Natland still intends to finance litigation against certain persons responsible for Kara's bankruptcy in order to obtain the proceeds for unsecured creditors."

According to Glatzova & Co, "although the court decision approving the reorganization plan is not yet final, we dare to assume that Kara Trutnov’s business is preserved and the creditors will receive payment for their receivables within one year of the commencement of insolvency proceedings."

The Glatzova & Co team was led by Partner Martin Dancisin.