Court to deal with fresh insolvency application over Vítkovice engineering group

A regional court in Ostrava was due Wednesday to deal with another application for insolvency regarding a company from the Vítkovice engineering group. The latest application focuses on Vítkovice Mechanika with the applicant, Wetag Invest, claiming it is owed 900,000 crowns. A court is already dealing with an insolvency application for one of the group’s flagship companies, Vítkovice Power Engineering. Around 500 creditors have already come forward claiming they are owed around 75 billion crowns. It faces major problems over a contract to build a power plant in Turkey.