This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Serbia
Serbia's state bankruptcy supervision agency announced on Tuesday the sale of bankrupt Belgrade-based company Danube Riverside, including its assets such as the historic Hotel Jugoslavija, with a starting price of 3.18 billion dinars ($27.7 million/25.6 million euro), SeeNews.com reported. Apart from Hotel Jugoslavija, Danube Riverside assets include 45,613 square metres of land which it owns jointly with local financial firm MV Investment, the agency said in a tender invitation.
Read more
International Monetary Fund and Serbian authorities have reached an agreement for 2.4 billion euro ($2.37 billion) loan deal over the next two years, the lender said in a statement on Wednesday, Reuters reported. "This arrangement would help address emerging external and fiscal financing needs given the challenging global economic environment and support the authorities’ macroeconomic policies and structural reform efforts, with a focus on the energy sector," the IMF said in the statement.
Read more
Serbia has started discussions with the International Monetary Fund to receive financial assistance as the southeastern European country faces soaring borrowing costs on international bond markets, WSJ Pro Bankruptcy reported. Officials in Belgrade are currently in talks to receive a so-called stand-by arrangement, a financial lifeline to help manage balance of payments imbalances for a short period, usually less than two years.
Read more
Serbia’s second attempt to sell off the bankrupt Putnik Prijepolje tour company and its assets, including the Bosko Buha memorial complex in the south-western Serbian municipality of Prijepolje, was halted on Tuesday, with no reason given, BalkanInsight.com reported. The sale was scheduled for Friday but the Bankruptcy Supervision Agency, which is in charge of state-owned companies that have declared bankruptcy, said on Tuesday that it has decided to “cancel the sale of the real estate of the bankruptcy debtor… and to withdraw the announcement for the sale of its [property] units”.
Read more
Serbia's Bankruptcy Supervision Agency said it is offering for sale the assets of insolvent gold refiner Majdanpek at an auction on October 5, SeeNews.com reported. The starting price is set at 129.8 million dinars ($1.3 million/1.1 million euro), the Bankruptcy Supervision Agency said in a notice on Tuesday. A deposit of 51.9 million dinars which should be paid by September 28 is required in order to participate in the auction. The list of assets put up for sale includes foundries, jewelry production facilities, a chemistry and metallurgy workshop, a warehouse and office premises.
Read more
Serbia's Bankruptcy Supervision Agency said it is offering for sale insolvent confectionery producer Dunja at an auction on March 30, SeeNews.com reported. The starting price is set at 187.9 million dinars ($1.9 million/1.6 million euro), the Bankruptcy Supervision Agency said in a notice on Tuesday. A deposit of 75.2 million dinars which should be paid by March 23 is required in order to participate in the auction. Dunja owns the Simka chocolate factory in Vranje. The factory, which covers an area of 5,284 sq m, was established in 1997.
Read more
Serbia's Bankruptcy Supervision Agency is inviting bids for the sale of assets of insolvent bus transport company ATP Vojvodina, it said, SEENews reported. The assets of ATP Vojvodina, with a combined estimated value of about 5.3 million euro ($6.4 million) will be offered for sale in three lots and interested investors will be able to place their bids until March 17, the Bankruptcy Supervision Agency said in a statement on Saturday. The list of assets put up for sale includes a bus station, buildings and a filling station in Novi Sad.
Serbian Prime Minister Ana Brnabic said that the government is in talks with potential investors for the sale of insolvent glassmaker Srpska Fabrika Stakla (SFS), SeeNews.com reported. "We are in talks with potential investors, they are conducting a due diligence, an analysis of the financial situation and the potential of the factory," Brnabic said as seen in a video file posted on the website of Tanjug news agency on Saturday.
Slovenia’s largest food retailer Mercator refinanced a debt of its Serbian unit Mercator-S to the value of 90 million euros ($99.8 million) with Serbian bank AIK, Mercator said on Wednesday, Reuters reported. It did not give details of the deal but said the conditions of the refinancing were “much more favourable” than those of the previous syndicated loan which was taken in 2014 and would expire in March. It added the refinancing will improve liqudity of the Serbian unit over the next five years and enable further development of Mercator in Serbia.