Revenues from the sale of assets belonging to the failed developer ECM are insufficient to cover its outstanding debts, which run into the billions of crowns. A Prague City court will organize a meeting of creditors in order to decide on a reorganization plan proposed by one of the creditors, Astin Capital Management.
The most valuable assets owned by the company are ECMall in Beijing, which could bring in CZK 900m, when sold. The estimated value of the City Deco and City Element office projects in Prague is CZK 270m while City Epoque could earn it CZK 179m. The total value of ECM assets has been estimated at CZK 1.2bn, but it owes its creditors CZK 9.5bn, according to ČTK.
