Insolvency manager Ivo Hala is selling off ECM assets in an effort pay off the bankrupt developer’s debts. The fire sales, which included one of the shopping centers ECM developed in Beijing, have raised CZK 1bn, half of which will go to creditors, according to Hala. ECM filed for bankruptcy three years ago. Astin Capital Management, representing the bondholders, will get CZK 342m. Ceská pojišťovna, a secured creditor, already received CZK 40m. The owner of ECM, Milan Janků, will recover CZK 1.5m through Tabula Maior, CZK 19m through ECM Managers Limited Partnership and CZK 0.25m as an individual.
Czech Export Bank, a lender of ECM’s projects in China, has challenged the sum it is expected to get and appealed Hala’s decision at the insolvency court.
