Restructuring of Czech Firms: An Example of Gama, a.s

Antonio Bulin

No 21, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: The process of massive privatization of Czech firms created a completely new situation for Czech managers and developed a new institution of corporate owners. This case uses the example of Gama, a.s. - joint stock company, one of a few successful firms operating since restructuring and turnaround, to discuss the process of privatization, the impact of the Prague Stock Exchange and regulation there for changes in the ownership structure. The role and process of the so-called "third wave" of privatization is also discussed together with the opinions of major players. Gama, a.s., a former branch of the industrial group Koh-i-noor, became a leader in this group and started the restructuring process there. Managers decided to develop a strategic alliance with a strong financial partner in order to support their ideas of restructuring the industry. A two-step process followed-a turnaround of their own firm and the acquisition of daughter companies through cooperation with investors. The rule of thumb seems to be similar to the lesson of the famous Czech opera "The Bartered Bride": competent and informed people win.

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Date: 1996-06-01
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