Glatzova & Co has advised Vitkovicke Slevarny on restructuring 16 loans – provided by Ceska Sporitelna, CSOB, Komercni Banka, and UniCredit Bank – amounting to almost CZK 600 million in total. Havel & Partners advised the banks.
Vitkovicke Slevarny is a Czech foundry, with a cylinder foundry division and a casting foundry division, located in an industrial complex in the Dolni Vitkovice area in Ostrava.
According to Glatzova & Co, “as part of the restructuring, four new loans in the amount of almost CZK 100 million were secured by the EGAP guarantees within the so-called EGAP Plus program. Our client was one of the first entities to use this program ensuring greater availability of liquidity to exporters affected by the war conflict in Ukraine.”
“Banks participated in these loans on a pari passu principle,” the firm informed. “The restructuring of the company included, for example, reaching an agreement among bank creditors, key suppliers, and the owner's group as, without their support, the plan would not have been possible. The necessary cash flows needed for the restructuring process were carried out in the form of attorney escrows provided by our office.”
Glatzova & Co’s team included Partner Libor Nemec, Counsel Vaclav Zalud, and Junior Assistant Tomas Farnik.
The Havel & Partners team included Partners Filip Cabart and Dusan Sedlacek, Managing Associate Stepan Cerny, and Senior Associate Jan Kralicek.