WITH Which published by the insolvency administrator found out the server Zdopravy.cz. CSA has been in bankruptcy since last March, and in June the court approved their reorganization, which is in charge of the parent company Smartwings.
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Creditors are due to vote on the reorganization plan on March 28. CSA’s costs last year were 1.01 billion, revenues amounted to 673 million crowns.
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“The liquidity situation of the debtor is continuously negatively affected by the retention of funds by the payment gateways, to a greater extent than the exposure of non-flying tickets and documents. Cash flow was positively affected by the sale of emission allowances during October 2021 (income of approximately CZK 122.055 million), “said the insolvency administrator.
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The situation of the carrier can be significantly affected by the Russian invasion of Ukraine. According to Prague City Air, which is a new CSA investor, the key and most profitable airlines are heading to Ukraine and Russia.
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Prague City Air is owned by Smartwings owners Jiří Šimáně and the Vik family. According to the reorganization plan, the company will provide Czech Airlines with a settlement loan of 125 million crowns, from which creditors will be paid. Prague City Air should also provide an operating loan of CZK 15 million.
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The Airbus A319, the only machine owned by the airline, will be stopped against the loan. The shares of the existing shareholders are to disappear completely.
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The server also drew attention to the expert opinion, which was developed by Grant Thornton Appraisal services for the purpose of distributing money to individual groups of creditors. CSA calculated the value at 266 million crowns. The money should be obtained by two secured creditors, ie Quiver Beta and Lufthansa Technik, which has 87 to 111 million crowns left for passengers with ticket vouchers.
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Other unsecured creditors should have 96 to 120 million crowns, nothing will be left for shareholders. Česká spořitelna, which is one of the bank’s creditors, has reservations about this procedure. But the court rejected them.
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