Lithuanians want to take over Novi Sad-based public utility company Stan - Public private partnership project in the pipeline

Lithuania's Civinity is interested in taking over the debts and employees of the Novi Sad public utility company Stan. A letter of intent that Civinity sent Tuesday postponed the Court of Commerce's decision to commence bankruptcy proceedings against Stan. A new hearing is scheduled for April 20th.
The Lithuanian company has an intention to establish a special purpose entity in partnership with Stan. Its letter of intent suggests that the management should be under the control of the Lithuanian company, while Novi Sad should protect its rights through founding documents and management bodies of the SPV, as well as through a mandatory approval of the decision in the City Hall. Also, it is suggested that Civinity should keep its stake in Stan for 25 years.

- Civinity would immediately invest certain amount of money in the modernization of business - Daris Zakarauskas, a member of the Managing Board, wrote in the letter of intent.

This company is ready to finance the preparation of public private partnership project by itself.

Lithuania's Civinity was founded in 1991. It renders the real estate and ancillary infrastructure maintenance services. This company operates in seven cities where it maintains four million square meters of residential and office space.

JKP Stan Novi Sad

Privredni sud u Novom Sadu

Civinity Lithuania

JKP Stan Novi Sad

Court of Commerce Novi Sad

bankruptcy

Daris Zakarauskas

public private partnership

trade union Nezavisnost

Zoran Bugarski

Aleksandar Basic

City Planning Council of Novi Sad