Claims against ECM addressed again

Municipal Court in Prague will again rule on the claims of ECM´s creditors on 22nd November. High Court recently quashed the original ruling on declaring bankruptcy on ECM. At the November creditors´ meeting, voting rights of creditors will be addressed, among other things. Creditors didn´t obtain them at the last court hearing this July. ECM´s biggest creditor is Astin Capital Management representing a part of bondholders. It signed the biggest claim worth about CZK 3.1 billion in insolvency proceedings with ECM. However, insolvency trustee Ivo Hala didn´t recognise Astin Capital´s claim. ECM´s creditors signed claims with nominal value of CZK 9.5 billion. The insolvency trustee recognised validity of only roughly two billion CZK of them.