Czech bankrupt real estate developer ECM cuts first-half loss to EUR 2.6mn.

By bne IntelliNews August 24, 2011
Czech bankrupt real estate developer ECM Real Estate Investments reported a loss of EUR 2.6mn in the first half of 2011, significantly smaller than the EUR 41.1mn loss it had a year earlier, CTK newswire reported. The companys operating loss fell to EUR 1.5mn from EUR 25.9mn. A Czech court declared ECM bankrupt in July after the companys creditors rejected a restructuring plan proposed by the management. Among ECM creditors are local bank Ceska sporitelna, Glancus Investments and financial and investment group PPF. Earlier in August, PPF said it was interested in buying CZK 3.3bn worth of ECMs assets in Pankrac.

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