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As Poslovni Dnevnik/Tomislav Pili writes, Russian bankruptcy, which is increasingly likely to occur soon, will not be felt by the Croatian financial system, and global finances should not be shaken by such a scenario either, according to Croatian analysts, Croatia News reported. After announcing on Monday that the Russian Ministry of Finance will pay out interest to foreign investors in rubles instead of dollars, the story coming out of Moscow altered Russia's state treasury has announced an order has been sent to pay 117.2 million U.S.

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The Commercial Court in Zagreb has opened the pre-bankruptcy proceedings of Marijo Mendek's company Selection MM, known as the most famous Croatian luxury food importer and premium wines, Total-Croatia-News.com reported. The move was initiated at Mendek's own request due to "threats of insolvency" as well as blocked accounts and an established debt of about 219,000 kuna. In his own proposal, Mendek also listed the assets owned by MM Selection, which also includes the MM building in Ilica in Zagreb's Kustosija, three Citroen delivery vehicles and a mini cooper one.
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Croatian holding company Djuro Djakovic Grupa said that the commercial court in Osijek launched bankruptcy proceedings against its unit Djuro Djakovic Industrijska Rjesenja on December 20, SeeNews.com reported. The court is scheduled to hold a hearing of the debtors' claims on March 29 next year, Djuro Djakovic Grupa said in a filing to the Zagreb bourse published after the end of the trading day on Monday. Djuro Djakovic Industrijska Rjesenja filed for bankruptcy in September.
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Croatia prepared on Friday to rush through new legislation to protect the economy from big corporate failures, as the country‘s biggest private company Agrokor tried to secure a debt restructuring deal, the Stock Daily Dish reported. Some local media reported on Friday that Agrokor had signed a deal with creditors overnight to restructure its debt, but the company declined comment and there was no confirmation from its creditors.

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Croatian food group Fortenova Grupa, formerly known as Agrokor, said on Wednesday it had put four units, including two tourism agencies, up for sale as it starts to divest non-core assets, Reuters reported. The other companies are a construction firm and a soybean storage and processing company. “We offer for sale two major tourist agencies in southeastern Europe, Atlas and Kompas. They control 20% of the markets in Croatia and Slovenia and more than 15% in Montenegro. Combined they serve some 1.2 million travellers a year,” Fortenova said in a statement.

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Croatian food company Fortenova Grupa, the Balkan region’s biggest firm by sales, said on Friday that more than 80% of its shareholders had supported the issuance of a four-year bond worth up to 1.2 billion euros ($1.3 billion), Reuters reported. The bond is aimed at financing a 1.1 billion euro liquidity loan the firm, formerly known as Agrokor, took two years ago to avoid bankruptcy, the company said in a statement. That followed an expansion drive based on high and expensive debt.

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Croatian food company Fortenova Grupa, the Balkan region’s biggest firm by sales, is preparing to issue a four-year bond worth up to 1.2 billion euros ($1.35 billion), it said on Friday, Reuters reported. The bond is aimed at financing a 1.1 billion euro liquidity loan the firm, formerly known as Agrokor, took out two years ago to avoid bankruptcy, it said in a statement. That followed an expansion drive based on high and expensive debt. “The interest rate will be 7.3% plus Euribor,” Fortenova said.

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Croatia’s ailing shipyard in the northern Adriatic city of Pula was placed into bankruptcy by a commercial court on Monday after an almost year-long effort to keep it afloat, Reuters reported. The shipyard belongs to Uljanik, Croatia’s largest shipbuilding group, which also owns another troubled dock in the northern Adriatic city of Rijeka. A decision on the shipyard in Rijeka is scheduled for June 5. The Pula shipyard has an outstanding debt of 164.8 million kuna ($25 million). Local media reported that it has 1,118 workers left who will now lose their jobs.

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A delegation from a leading Chinese shipbuilding company has arrived in Croatia for talks about a possible investment in the country’s largest shipbuilder Uljanik, which is struggling to avoid bankruptcy, Reuters reported. Officials from the China Shipbuilding Industry Corporation (CSIC) met Croatia’s Prime Minister Andrej Plenkovic and his economic team on Monday and will visit Uljanik’s docks in the northern Adriatic later this week. “After the visit to the docks we will give full and serious consideration to this matter,” CSIC’s Chief Executive Hu Wenming told reporters.

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A court in Croatia on Wednesday postponed a bankruptcy ruling for the country’s biggest shipbuilding group Uljanik until May 13, as the government tried to delay activation of state guarantees to a customer for late delivery of a vessel, Reuters reported. The commercial court in the northwestern town of Pazin had already delayed its ruling from March and the decision in May should be final. Bankruptcy would threaten the jobs of around 3,000 workers.

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