The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Fabricated Metal Products, Except Machinery And Equipment 25.11 - Manufacture Of Metal Structures And Parts Of Structures
130 jobs Number of planned job losses
Announcement Date
27 February 2024
Employment effect (start)
Foreseen end date
Description
The Czech engineering company ČKD Blansko Holding, famous for the production of water turbines and hydroelectric power plant equipment, which currently employs over 130 people, has filed an insolvency petition against itself and is headed for bankruptcy. The company owes over CZK 300mn (EUR 12.70mn). The only shareholder of the engineering company is the Russian company Ťažmash, which bought it from the J&T group in 2010. Due to sanctions following Russia's invasion of Ukraine, ČKD Blansko Holding could not be sold and could not take part in tenders for contracts that were its source of income. As a result of the tightening of the sanctions regime, all bank accounts of the company were cancelled. This made running a business and fulfilling legal obligations to creditors, employees and the state completely impossible.
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