Real estate company Orco Property Group has asked for court protection against creditors in Paris, the firm has said in a press release sent to CTK Thursday.
Orco spokeswoman Petra Zdenkova added that the court had given protection to the company. The measure is aimed at accelerating strategic and financial restructuring at the company.
Orco's shares are traded on the stock exchanges of Prague, Paris, Warsaw and Budapest.
Immediately after the release of the news, the Prague Stock Exchange (BCPP) suspended trading in Orco shares and bonds.
Orco said it was grappling with problems with planned sale of properties due to the situation on real estate markets. It also has problems with paying back loans that some of the group's members have.
