After finding itself in serious financial straits, PSJ Holding has sold off its subsidiary Alpine Bau for €12m (around CZK 309m) to the Czech branch of Porr. The deal will still have to be approved by the Czech anti-monopoly office. PSJ was forced to sell one of its few profitable assets in an attempt to relieve pressure on its cash flow. The company’s founder František Vaculík says the company needs to come up with around CZK 500m and undertake a difficult restructuring. On Thursday, a court in Brno placed PSJ in insolvency following charges placed by a contractor who claimed to have paid a CZK 200,000 deposit on construction materials he never received.
