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Komercni Banka to Sell Claim on Vaclav Fischer to Atlantik FT

Komercni banka KB will sell its claims on the group of firms of entrepreneur Vaclav Fischer to Atlantik FT, KB spokeswoman Marketa Dvorackova said, adding that distraint at the firms will be halted. Fischer owes more than 400 million crowns to KB.

"Komercni banka is convinced that Atlantik FT is able to take over financial management and control of Fischer and Fischer Air," Dvorackova said. KB will not disclose details of the agreement, she said, adding that Atlantik FT's offer is binding and unconditional.

Atlantik FT wants to implement a business plan that will enable uninterrupted operation of the entire Fischer group. Dvorackova confirmed that KB held talks on the solution of the situation of Fischer's companies with several potential investors.

Due to unpaid debts to Komercni banka, Czech Airlines and the Czech Airports Authority CSL, travel agency Fischer faced distraint of property. Atlantik FT allegedly offered 50% of the nominal value of the claims. Dvorackova however did not comment on details of the sale.

On Sunday, Fischer signed a contract with Atlantik FT in line with which Atlantik FT would secure operational financing for Fischer's companies Fischer Air and Fischer s.r.o. The contract also provides for Atlantik FT's financial entry into Fischer-controlled companies, on condition that an ongoing distraint against Fischer's companies is halted.

(NewsBase 08.viii.03)

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