Restructuring events
European Restructuring Monitor (ERM)
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.
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.
Eurofound (2024), ČKD Blansko Holding, Bankruptcy in Czechia, factsheet number 201029, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201029.