CEFC Europe Resists Takeover by J&T, Says Can Repay Debt

CEFC Europe, a Czech-based division of troubled conglomerate CEFC China Energy, said it would contest a takeover of shareholder rights by creditor J&T Private Investments (JTPI), arguing it had funds to pay a debt at the centre of the dispute, Reuters reported. Czech-based JTPI said on Thursday it had taken over the rights and installed crisis management because CEFC Europe had not covered its debt, totalling 450 million euros according to CEFC, in time. CEFC Europe assets include Czech charter airline Travel Service, owner of the national carrier Czech Airlines; brewery group Lobkowicz; hotels and office buildings; machinery firm Zdas and first division soccer club Slavia Prague. However, the Czech business has been affected by problems at once rapidly expanding parent company CEFC China Energy. Read more.