One of the biggest specialist Czech engineering companies, Vítkovice Power Engineering (VPE) has been saved after its purchase as a going concern by a local real estate group. VPE was declared bankrupt by a court on August 7 after long running efforts to thrash out a restructuring plan were judged by top managers to be doomed to failure. A bankruptcy manager, David Vondravec, took up the reins and within a relatively short time a buyer committed to keep the company going and keep on the 600 or so staff has been found.
