Businessman Jiří Šmejc’s Emma Capital group is experiencing an unpleasant first. The German supplier of custom kitchens Küchenquelle, of which the Czech group holds 46 percent, has ended up in bankruptcy proceedings due to financial difficulties. Emma Capital, which is one of the largest investment groups in the Czech Republic, has sunk at least tens of millions of euros into the company. The group’s spokesman, Pavel Zuna, confirmed the information to the E15 newspaper. The holding has so far avoided the insolvency of the investee companies.
The Czech company released a brief comment on the insolvency procedure on its website, stating that Küchenquelle was facing economic difficulties related to the macroeconomic situation and the drop in demand in the segment in which it operates.
“Emma Capital argued that the company’s liabilities were paid and was willing to underwrite them to match its stake. However, the other shareholders did not prefer such a procedure,” said the company, which was the largest shareholder of the German company.
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