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The CSA returned to profit last year

The CSA returned to profit last year

From Give Posted by Insolvency Administrator Discover Server The CSA has been in bankruptcy since last March, and in June the court agreed to reorganize it, which is responsible for parent company Smartwings.

Creditors are due to vote on the reorganization plan on March 28. The costs of the Canadian Space Agency last year amounted to 1.01 billion, and revenues amounted to 673 million crowns.

“The liquidity position of the debtor is constantly negatively affected due to the holding of funds through payment gateways, to a greater extent than exposure to tickets and documents. Cash flow was positively affected by the sale of emissions provisions during October 2021 (income of approximately CZK 122,055 million), ”said the insolvency manager.

The status of the carrier could be significantly affected by the Russian invasion of Ukraine. According to Prague City Air, a new investor in CSA, the main and most profitable airlines are heading to Ukraine and Russia.

Prague City Air is owned by the owners of Smartwings Jiří imáně and the Vik family. According to the reorganization plan, the company will provide the Czech Airlines with a settlement loan of 125 million kroner, through which the creditors will be paid. Prague City Air must also provide an operating loan of 15 million CZK.

The Airbus A319, the airline’s only machine, will be decommissioned in exchange for the loan. Shares of existing shareholders must disappear completely.

The servant also drew attention to the expert Opinion, which was developed by Grant Thornton Valuation Services for the purpose of distributing funds to individual groups of creditors. The Canadian Space Agency calculated the value at 266 million kroner. The funds must be obtained by secured creditors, such as Quiver Beta and Lufthansa Technik, which have 87 to 111 million kroner left for passengers with ticket vouchers.

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Other unsecured creditors should own 96 to 120 million kroner, leaving nothing to shareholders. Česká spořitelna, one of the bank’s creditors, has reservations about this measure. But the court rejected them.