The fallen Zlín company NWT as is working on a reorganization plan, which creditors should approve next Friday, July 28. Among other things, he promises to get rid of his debts within two years.
NWT went bankrupt last year after being cut off from electricity and gas supplies. Huge fluctuations in energy prices knocked her down. On the one hand, it bought expensively on the spot market, but it was contractually bound to sell to customers at pre-crisis low prices.
NWT
NWT is the technological empire of the Vítkovs, which consists of dozens of companies. In the past, it had an annual turnover of up to two billion. It was founded in 1992 in Zlín and operates in various fields, for example in information technology, agriculture, 3D printing and e-shops. In its portfolio, for example, it also had the construction of passive houses and energy.
The Zlín company, spread over various fields, continues with the agricultural division (construction and service of greenhouses), e-commerce, ICT division, offer and service of low-current and high-current electrical installations, construction of photovoltaics and administration.
The construction of passive houses, marketing services and the sale of electricity and gas have ended. 130 out of 260 people remained at the company in insolvency.
According to the director and co-owner Martina Vítková, the business is starting up again. “We are getting new orders in photovoltaics, computers and electrical service. Customers are receptive, but some are still waiting for the reorganization plan to be approved,” she said.
The reorganization plan assumes that all creditors will receive approximately CZK 330 million from the more than 1.1 billion crowns that the company owes. Raiffeisenbank, the main financing bank and the largest secured creditor, can enjoy the greatest satisfaction. From the receivables of CZK 339 million, he will recover a total of CZK 212 million by September 2025.
Other secured creditors are, for example, the Specialized Financial Office with a claim of CZK 3.1 million and Toyota Financial Services Czech with a claim of over CZK 743,000.
The remaining unsecured creditors report more than 690 million. However, they only get a fraction. According to the plan, hundreds of companies will distribute 50 million crowns, only one million crowns more than in the case of bankruptcy, when they would have to wait a long time for the assets to be monetized. All unsecured creditors will receive a maximum of 6.5 percent of the value of the claims.
“The satisfaction offered to creditors under the debtor’s plan of reorganization is greater and more advantageous (especially faster) to creditors than the satisfaction creditors would receive if the debtor’s bankruptcy were resolved through bankruptcy,” the reorganization plan states. Unsecured creditors will receive part of their claims within thirty days of approval of the reorganization plan.
However, the legal representative of NWT as Petr Houžvička previously estimated that the rate of satisfaction of unsecured claims could be from 20 to 40 percent.
In essence, the indebted company NWT as gradually becomes an empty mailbox. Assets for 291 million crowns will be transferred to the successor company BOFF NWT, in which the real estate and receivables specialist Servis-24 holds a 49 percent stake.
The remaining controlling share will be held by the family headed by Martina and David Vítk. The sale concerns all properties, including the headquarters in Zlín. Part of the property can be gradually sold to reduce the value of the debt. The company has two years to do so.
“My role, or rather the role of Servis-24 and the entire team, is to help with the preparation and implementation of the insolvency reorganization of the original NWT, as It is going well, all creditors supported the reorganization plan at the beginning of the year and it is gradually being implemented,” says Jan Čermák, owner of Servis-24. He is said to interfere minimally with the executive, but actively participates in the strategic management of NWT.
Servis-24 does not plan to invest any of its own resources in NWT, but takes care of securing financing from external entities – the IFIS fund and banks. However, neither the fund nor Jan Čermák’s company will acquire any property of NWT directly.
NWT’s core business will continue in several separate companies. “Individual businesses will be divided into separate companies, so that in the future we will not be threatened as a whole by events when war or any other crisis comes. Part of these companies will understandably be some property connected to their activities,” said SZ Byznys Martina Vítková.
2023-07-22 13:52:30
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