CP Praha, the company behind the Central Park residential project in Prague 3-Žižkov, has filed for insolvency, according to aktualne.cz. The company says it is not able to repay the financing loan it secured from UniCredit. CP Praha claims it has asked the bank to postpone the payment, but UniCredit refused. CP Praha says that it ran into problems in 2009 when residential prices began to fall and that it was hampered by poor decisions by the previous management team.
