My digital forensic analysis (levels adjustment):

I'm not certain about the last letters, but I'm sure there is a small צ (between the ח and first צ) and a descender under the first letter. The descender could have resulted from having been folded against the first letter, but there is no evidence of other letters transferring. 

ץאא חצצ’'צ בוריץ


Maybe the חצ"צ stands for :
חילי צבא צ'כוסלובקיה
(The Soldiers of the Army of Czechoslovakia or a Soldier in the Army of Czechoslovakia)