Tatra goes under

A court in Nový Jičín has declared bankruptcy proceedings against the heavily indebted Tatra truck company. According to the CTK news agency the company is to be sold at a bankruptcy auction in mid-March. Its price has reportedly been set at 300 million crowns. Tatra was established in 1850 for the production of carriages. In 1897 the company produced its first car named the President.