After the bankrupt clothing chains Kara and Pietro Filipi, the C2H Equity group of businessman Michal Mička, who is behind the chain, also ended up in insolvency proceedings. This was stated by the Deník N server. According to the Insolvency Register, the Municipal Court in Prague opened insolvency proceedings with C2H Equity on April 6 and called on creditors to register. According to documents in the register, dozens of creditors have already registered claims exceeding CZK 82 million. However, the daily N states that there can be hundreds of creditors of the group and C2H Equity has also issued bonds worth one billion crowns. According to the server, Mička did not comment on the situation.
“We are currently communicating with dozens of other creditors who have not yet registered for insolvency,” said lawyer Ondřej Plánička from the Pavelka Partners office, which filed for insolvency with C2H Equity. “Currently, in our opinion, no one knows how much money Mr. Mička borrowed and under what conditions,” he said.
At the turn of March and April, C2H Equity’s subsidiaries C2H Financial and C2H Retail Holding also filed for insolvency. Already in February, the Regional Court in Hradec Králové ruled that the leather company Kara Trutnov was in bankruptcy, backed by another of Miček’s companies – C2H PE SPV alfa. In her insolvency petition, Kara stated that she owed more than 150 creditors CZK 260 million and was unable to meet her obligations.
Subsequently, in February, the Municipal Court in Prague ruled on the bankruptcy of the pietro filipi and pietro filipi stores companies, which operate shops and design products for the Pietro Filipi clothing brand. These companies are owned by pietro filipi holding, for which the owner is not listed in the Commercial Register. However, Mička is the chairman of the board of pietro filipi holding. According to insolvency proposals, the debts of both companies are almost 400 million crowns.
Representatives of Kara and Pietro Filipi justified the financial problems by trade restrictions due to the covid-19 pandemic. For example, the Pietro Filipi brand already had financial problems before the pandemic began last year. According to ČTK, at the end of 2019, the fashion brand already had overdue liabilities to suppliers of over CZK 70 million and did not meet the conditions of banks.
Source: CTK and Deník N
