Mlada Fronta Up For Auction

Mladá Fronta, the bankrupt publishing company, is up for auction. Interested parties will be able to register until 2 September to bid on the publisher. The starting price is CZK 36 million based on an assessment, and the minimum bid is CZK 100,000.

“This is an important, positive decision resulting from negotiations with all interested parties,” said Karel Novotný, the publishing house director. The auction will be preceded by the possibility of in-depth inspection of the company’s condition from 20 to 31 August.

An electronic auction and active contact with potential bidders will be provided by Gaute ( www.verejnedrazby.cz ).

Mladá fronta publishes the weekly economic Euro and other magazines and books. In insolvency proceedings, more than 400 creditors applied for receivables, claiming approximately CZK 400 million.

Representatives of Mladá fronta proposed a reorganization of the company, the insolvency administrator, despite the announcement of bankruptcy, stated that she wanted to maintain the publishing house’s operation.

The owner of the publishing house is the entrepreneur František Savov, who lives in London and is accused of tax fraud in the Czech Republic. Last December, in an interview with DVTV, he said that he would like to return to the Czech Republic, but is concerned that he will not be allowed a fair trial.