During the first pandemic wave, firms affected by government measures could apply for special debt protection until August 31. It was adopted in November soap opera, which allowed these companies to extend the moratorium for another three months, even without the consent of creditors.
“The request for an extension was submitted by the parent company Smartwings and the CSA subsidiary,” confirmed the group’s spokeswoman Vladimíra Dufková.
The need to extend the moratorium is justified by the airlines in the effects of the second pandemic wave of COVID-19, which has deepened the airline crisis. “Of course, this situation also has a significant negative effect on the business of the debtor, which has recently seen another unprecedented decline in demand for its services and the related decline in sales,” CSA said in the request. published in the insolvency register.
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One of the largest travel agencies, Firo-tour, also wants to continue the moratorium. “We will ask for an extension of the moratorium,” said travel spokeswoman Lucie Frnochová.
Be the first to request for an extension of the moratorium filed in court the manufacturer of men’s suits Blažek Prague. “Since mid-September, we have been facing the unprecedented intervention of the second wave of the pandemic and the re-closure of the entire retail network. For us, this huge loss of sales means other major complications in the operation of the company, partly because the autumn months represent for us the most important sales period of the whole year, “said the owner of the company Ladislav Blažek.
It is not yet clear whether the investment company Arca Capital Bohemia will also ask for last-minute protection against creditors. “The management of the Arca Capital group, after consulting with lawyers and crisis management, will decide whether or not to file a proposal to extend the moratorium,” said holding spokeswoman Terézia Barčíková.
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In the case of Arca Capital Bohemia, the moratorium has an exciting course. The reason is the conflict between the main shareholder of the group, Rastislav Velič, and the former co-owner Pavol Krúpa. Both sides are making hundreds of millions of claims and blaming each other for damaging the company and creditors. Krupa even tried to lift the moratorium on Arca Capital Bohemia in court. However, the court complied with the businessman only with the appointment of a preliminary insolvency administrator. He is to examine the company’s transactions made since April.
For example, companies do not have to repay bank loans during a moratorium and can focus on financing operations. This is to enable them to stabilize their finances and resolve the volatile situation without insolvency. Smartwings recovered nearly $ 10 million from U.S. aircraft maker Boeing for undelivered 737 MAX during moratorium, server recently warned Zdopravy.cz.
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An essential element of the rapid new amendment is that debtors do not have to have the consent of creditors to extend the extraordinary moratorium. This was important for Smartwings, for example. According to the E15, not all banks financing these airlines were initially inclined to continue the moratorium. However, the latest negotiations with the banks on peace seemed promising, according to a source familiar with the situation.
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According to the lawyer, the “free” moratorium is incorrect The November legislative change enabling the extension of the moratorium even without the consent of creditors has earned criticism from insolvency specialists. “The institute of an extraordinary moratorium has its place in the legal system. It allows entrepreneurs to quickly gain space to breathe if they face sudden difficulties. However, the adjustment of the original setting, when the entrepreneur receives “three months” without the consent of creditors, another three months of rest, is not correct, “commented lawyer Petr Sprinz, head of local restructuring practice at Allen & Overy, who participated in preparing the original emergency proposal. moratorium adopted in the spring. According to the lawyer, there was a consensus that three months is enough time for the entrepreneur to secure the support of creditors. “If he is unable to negotiate support, he should use other tools,” the insolvency expert added. |
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