Czech Airlines’ Reorganization Will Not Turn Into Bankruptcy

CSA, the Czech flag carrier, has lost 105 million Czech Crown ($4.6 million) in the first nine months of the year. However, it is making sufficient progress in paying off its debts, and so it will remain in the process of business restructuring and will not be declared bankrupt, SimpleFlying.com reported. The insolvency administrator of CSA announced that he was satisfied with the financial state of the Czech flag carrier in a report seen by Simple Flying. CSA will remain in the process of business restructuring and will not enter bankruptcy. This is because it generated sufficient revenue so far this year to pay off its liabilities in full and in time. The Czech flag carrier generated sales revenue amounting to 522 million Czech Crown ($23.2 million) between January and September 2021. Furthermore, the airline bolstered its liquidity in the same time period by selling what the report calls “surplus assets.” Most notably, CSA sold its emissions permits in what was the most lucrative surplus asset sale of this time period. Read more.