The state will not help CSA, creditors have approved their reorganization. Representatives of Korean Air also joined the committee

So far, the court has reviewed and acknowledged only a part of the registered claims. The creditors’ committee has undergone a major transformation.

Czech Airlines’ creditors agree that the company will be reorganized according to the plan of the carrier’s owner, Smartwings. It follows from the published a record of the conduct of creditors in the insolvency register. The reorganization was promoted from the beginning by Smartwings, which was also recommended by Deloitte. According to plan CSA is to remain the only aircraft and gradually return to pre-pandemic size.

So far, the court has recognized receivables from CSA in the amount of only 821 million crowns, but the review continues. CSA stated more than double the amount in the bankruptcy petition.

During the meeting, a new creditors’ committee was approved, which confirms the key steps of the insolvency administrator. It includes Česká spořitelna, UniCredit Bank, the travel agency Fischer, the leasing company Horizon Aviation, Air Traffic Control, Czech Airlines Technics and also Korean Air Lines.

The negotiations showed that the carrier had also completely abandoned the idea of ​​possible state aid. CSA negotiated with the Czech-Moravian Guarantee and Development Bank (ČMRZB) on possible compensation for non – flown CSA tickets and vouchers. “According to the letter dated 4 June 2021, the Ministry of Industry and Trade informed that the concept of the ČMZRB guarantee, resp. State for non-flight flights will not be further developed, “ it shall be recorded in the minutes.

Therefore, the creditors finally approved the reorganization plan with the help of Smartwings. No one was against such a proposal. Smartwings also explain the reorganization by the synergistic effects of cooperation between the two carriers.

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