Commercial Court of Kragujevac fails to reach decision on bankruptcy of Staklara Paracin

The Commercial Court of Kragujevac failed to reach the decision on the bankruptcy of Srpska Fabrika Stakla (Staklara) Paracin yesterday, as there were no creditors interested in having such a decision reached at the first creditors' hearing.

The president of the Commercial Court and the bankruptcy judge in the proceedings, Branislav Jovovic, explained that the decision on bankruptcy could be reached once the deadlines for submitting a the reorganization plan for Staklara expired. No one has submitted such a plan so far.

– Bankruptcy can mean that creditors are repaid through the sale of the factory's property or the sale of the company – Jovovic said.

The creditors agreed that Vinarija Coka Plus from Subotica should appoint the person to act as the president of the Assembly of Creditors of Staklara, which has been undergoing bankruptcy proceedings since September 20, 2017.

At the hearing, the bankruptcy trustee Sasa Jovanovic, presented the economic-financial report on the state of Staklara, according to which the total value of the claims of the creditors amounts to around RSD 12.25 billion, He told the press that the excessive indebtedness of the company amounted to RSD 7.83 billion.

Among the biggest creditors of Staklara are Veksilum Balkan and Srbijagas, which was its majority owner at one point.

By the decision of the bankruptcy trustee, 230 workers of the factory were pronounced surplus workers, of the total of 810 employed at the factory before the bankruptcy proceedings. Staklara first avoided the bankruptcy proceeding in June 2017, as the Commercial Court rejected the proposition to initiate the bankruptcy proceedings because it had not been presented with evidence confirming that the proposing party, the Cacak-based company Veksilum, truly had claims of EUR 47 million.

This decision of the Commercial Court of Kragujevac was later canceled following the complaint by Veksilum to the Commercial Appellate Court.

Following the initiation of the bankruptcy proceedings, a group of creditors filed a complaint to the Commercial Appellate Court requiring a re-examination of the decision.

Srpska fabrika stakla a.d. Paraćin

Privredni sud Kragujevac

Vinarija Čoka plus Subotica

Veksilum Balkan doo

glass production in Paracin

bankruptcy proceedings in Srpska Fabrika Stakla

bankruptcy proceedings in Staklara

Staklara Paracin

bankruptcy of Srpska Fabrika Stakla

glass factory in Paracin

Staklara Paracin reorganization plan

Branislav Jovovic

Sasa Jovanovic