Source: Dnevnik | Friday, 02.12.2016.| 10:45
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Bankruptcy proceedings in Pancevo’s Petrohemija terminated – State taking over around EUR 100 million of company’s debts

The Commercial Court of Pancevo has reached a decision on terminating the bankruptcy proceedings with a Pre-Packaged Reorganization Plan in Petrohemija.

The decision also terminated the procedure of examining conditions for initiating the bankruptcy proceedings in Petrohemija, even though the company had itself filed a proposal for initiating a bankruptcy procedure to the court on May 16. The decision by the Commercial Court of Pancevo reached on May 24 initiated the procedure of examining conditions for initiating the bankruptcy proceedings in Petrohemija.

The measure of ban on execution of decree for secured and unsecured property of Petrohemija, including the ban on exercising various creditors’ rights was adopted on the same date.

The hearing for considering the petition for a reorganization plan had been scheduled for July 29, but wasn’t held. The petitioner, i.e. Petrohemija, filed a submission to the Commercial Court of Pancevo on November 16, notifying the court that it was retracting the petition for initiating the bankruptcy proceedings in line with the Pre-Packaged Reorganization Plan.

At the end of the year, the state will take over Petrohemija’s debts of around EUR 100 million in order for the Pancevo company to be able to find a strategic partner.

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