Sanace výrobního podniku Motorpal, a.s

The goal of this thesis is to describe and evaluate the process of restructuring of Motorpal Inc. and an appraisal of its impact as well. Motorpal Inc. with its headquarters in Jihlava has been operating at both domestic and foreign market for several decades and is a leading producer of injection systems for diesel motors. This thesis analyses financial condition of the company before its bankruptcy, during years 2010 and 2015, and evaluates the causes, which led to bankruptcy of the debtor. Furthermore, its aim is to present a detailed account of said restructuring in 2016, and to describe the obstacles which the company encountered, thus complicating the restructuring process. The financial analysis follows up with an examination of years 2016 and 2017. Based on its results there is an evaluation of the whole undertaken restructuring process. The last part of the thesis shows calculated projections of EBITDA for the following years 2018 – 2020, moreover, it includes a cost estimation of debt recovery for the guaranteed creditors.The outcomes of the analysis show that the choice to address bankruptcy through restructuring was in this case successful and also necessary to keep the company in operation. Providing a realistic and detailed business plan redesign proved to be of essence and strengthened the close collaboration between the debtor and creditors. The creditors’ decision to support debtor´s business plan and to settle their demands through claims on company’s future value allowed the whole process of the restructuring to be realised. Nevertheless, it was found that the projections within the debtor´s business plan were too optimistic, and any further debt recovery from contingent claims for the guaranteed creditors is highly unlikely.