The developer ECM will be given chance to reorganize, the Prague City Court ruled yesterday. Both the developer and its creditors had been waiting for a decision on the question since November. ECM has bee in bankruptcy since spring last year. Astin Capital Management was given 120 days to provide a restructuring plan for ECM, or to announce that it doesn’t intend to do so. Astin Capital supported restructuring plans as the best way to solve ECM debts since the very beginning, while other creditors, such as Glancus Investments of PPF Group have insisted on liquidation.
