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Airbus A320 Českých aerolinií registrace OK-HEU. Foto: ČSA

Smartwings wants to reorganize CSA and forgive a portion of its debt

The main meeting for the future of the CSA will be the June meeting of creditors.

As part of Czech Airlines’ bankruptcy, Smartwings proposes to reorganize it with forgiveness of part of the debt and capitalization of its value.

This follows from the suggestion posted today at Insolvency record. According to the document, Smartwings is proposing a reorganization in the form of exploiting more synergies between the two airlines. Smartwings owns approximately 98% of the shares of CSA.

According to the proposal, part of the debt should be forgiven or the payment of obligations deferred and the sale of redundant assets to the CSA. A portion of the receivables must then be capitalized.

Smartwings themselves also act as one of the creditors in their insolvency proceedings, with this step they want to prevent a situation in which the CSA loses the right to create its own restructuring plan. However, the June creditors’ meeting will be decisive.

It will deal with all the dues recorded, and it may also, in accordance with the law, be able to withdraw the protective right to reorganization. Smartwings offered to prepare a reorganization plan.

In March, the municipal court in Prague declared bankruptcy the Canadian Space Agency at the request of the carrier, with the Canadian Space Agency reporting a total debt of 1.8 billion kroner. According to the proposal, more than a billion kr of this is debts of passengers on canceled flights. However, the debt of the company itself could be even higher. to me Server France-based aircraft maker Airbus has filed for bankruptcy proceedings for nearly 17 billion crowns. The carrier did not want to comment on it citing trade secrets.

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Using CTK