Sklarny Kavalier glass maker declared bankrupt

Prague - The Municipal Court in Prague declared the glass maker Sklarny Kavalier, a member of the group Bohemia Crystalex Trading (BCT), bankrupt today, according to data of the insolvency register at

The bankruptcy proceedings had been preferred by the glass maker's owners in the insolvency petition filed last September. They make it possible to complete the sale of the company to a new owner, BCT spokesman Karel Samec told CTK, adding that Sklarny Kavalier continues production.

A financial adviser will be picked by the end of the week to help the insolvency administrator find the new owner. The sale of the company will continue irrespective of potential state aid, said Samec.

A total of 261 creditors registered claims exceeding Kc6.2bn until Feb 8, which was the end of the set period.

Sklarny Kavalier owes the greatest amount of money to banks, mainly Citibank Europe (Kc2.731bn) and Komercni banka (Kc603m), and to other units in the BCT group (Kc1.427m).

Sklarny Kavalier is a leading company in the group. With 1,300 staff, it ranks among the leading world produces using the SIMAX technology. Insolvency proceedings against the company as well as the entire group were launched on Sept 22 last year due to lack of capital.

Other firms in the group have already wound up production.