ECM's winding road to bankruptcy (CZ)

The creditor's committee of developer ECM has voted to declare the company bankrupt rather than try to restructure the company's debts.

The meeting of Creditors decided on July 20, 2011 that their preferred solution of the ECM's insolvency is bankruptcy.

The largest group of creditors – holders of EUR Bonds issued by ECM, were not allowed to participate during the voting, hence registered receivable has been denied by the insolvency trustee.

ECM is not able to comment this step, since neither ECM, nor any of the creditors have had the opportunity to see the documentation on which the denial was based.

Source: ECM

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