The insolvency proceedings in the Setuza in Ústí nad Labem culminated with liquidating the properties of the bankrupt food company. The properties, estimated to be worth roughly CZK 100m, are to be sold off in the course of 2013. Claims the company has worth CZK 330m are also expected to be sold, but it’s unclear what percentage of them are likely to be recoverable. In any case, Setuza’s creditors claims against the company run to CZK 1bn, meaning they are unlikely to be satisfied.
The first portfolio of properties to be sold, including a recreational building and an industrial facility will probably be offered up for direct sale. A tender for these assets should be launched in two weeks, to be followed by the sale of a second portfolio worth CZK 70m. Setuza’s most valuable asset was its trade mark, but this was sold for CZK 230m to the international giant Glencore, which took over part of Setuza’s operations in 2011.
