Czech bankrupt truck maker Tatra sold in auction for EUR 6.9mn

By bne IntelliNews March 18, 2013
Truck Development has bought Czech bankrupt truck maker Tatra in an auction for CZK 176mn (EUR 6.9m), Radio Prague reported. Truck Development was the only candidate for Tatra that was declared bankrupt three weeks ago. The insolvency petition against Tatra was filed by its biggest creditor Composite Com. The value Tatra's assets was estimated at CZK 1.765bn and its debts at CZK 1.5bn.

Truck Development board chairman Marek Galvas said that investment group J&T financed the acquisition of Tatra. Galvas confirmed that Truck Developmen has been recently established with the aim of acquiring Tatra and vowed to pay off Tatra debts and to keep the company's operations.

Since 2006 Tatra has been majority owned by Black River company, controlled by four Czech and foreign investors represented by the former member of the supervisory board and the current chairman of the board of directors, Ronald Adams of the USA.

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