(ČIA) The Regional Court in Ostrava decided on July 17, 2020, to declare bankruptcy on the property of VÍTKOVICE HEAVY MACHINERY. As ČIANEWS has already informed, VHM withdrew its proposal for reorganization submitted on March 11, 2020. The reason is the impacts of COVID-19, which VHM identified as significant. The pandemic and the restrictive measures associated with it meant a further reduction in production activity and thus a further drop in income and a worsening of the economic situation. VHM further stated as a reason for the withdrawal that they do not have the support of creditors for their intention.