Tag Archives: Crestyl

Crestyl’s DOCK survives flood

The recent flooding in Prague was big on drama, but surprisingly light on damage. People in this part of the world seem to be allergic to admitting that the state has gotten something right, but to a large degree, the flood control measures implemented and built after the horrendous 2002 deluge seem to have done the trick.

That being said, the post-event analysis ¬†will no doubt turn out lots of problems and shortcomings. One of the issues will be that new flood barriers definitely did the business as far as fighting a 2002-style event, but it turns out that each flood is different (shocking, isn’t it?). This time, with the rain advancing quickly from the north, the local creeks accounted for much of the local flood damage that occurred.

By now, most people will have seen the rather depressing aerial pictures of Crestyl’s DOCK project, a view that made things at the ongoing project look grim indeed. These fears seem to have been overblown. Crestyl’s director Omar Koleilat is quite relaxed about sending pictures from the site, and is even inviting us for a visit. Which we’ll of course take him up on. He explains that while there was obviously water in the underground portions of the scheme, the rest of the damage was thankfully quite minimal. We’ll go see for ourselves and report back. For now, you can check out the pictures.

These two shots are from last week, the day after the flood.

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And these shots are from yesterday:


Crestyl to lead ECM out of bankruptcy?

The Czech developer ECM is reported to have been taken out bankruptcy and placed in a temporary legal limbo zone as a Prague court decides whether to accept a re-organization arrangement suggested by the company. The idea apparently is for ECM to relinquish board positions to representatives of the Prague-based developer Crestyl. Its director Omar Koleilat would become chairman of the board. One of the other options that had been in play earlier this week reportedly envisioned Anton Hopfgartner (Property Solutions) filling that role.

The liquidator in charge of ECM until now, Ivo Hala believes a re-organization isn’t feasible, as it would require an influx of new money to the company. “Bankruptcy proceedings seem to be more advantageous because they offer greater satisfaction for the creditors in a shorter time horizon,” he wrote, according to court materials cited by CTK.

However, some of ECM’s creditors seem to be leaning the other way, including Astin Capital Management, which is representing bond holders with CZK 3.1bn. The decision on re-organization now lies with the courts. (As ever, public¬†comments or private emails on the issue are more than welcome)