Source: Novosti | Tuesday, 13.03.2018.| 12:51
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Gosa can only wait for bankruptcy – Debts exceed RSD 3 billion

(Photo: J5M/shutterstock.com)
The debts of the Smederevska Palanka-based rail vehicle factory Gosa in bankruptcy exceed RSD 3 billion, far exceeding the value of the property, and it is therefore not realistic for all the creditors, the biggest among which is the state, to have their claims settled, the bankruptcy supervisor of Gosa, Aca Mitic, told Novosti.

– FZV Gosa is a factory with excessive debts, which has been generating losses since 2011, due to which the former owner ZOS Trnava decided to withdraw and transfer the capital to the offshore company Lisnar Holding. Officially, the total debts amount to over RSD 3 billion, whereas the book value of the factory equals 1.6 billion, though I believe that this figure is larger than the real value – Mitic says.

He says that the biggest creditor is the Tax Administration, with RSD 560 million. The Development Fund of the Republic of Serbia is owed 150 million, the workers are owed RSD 243 million in salaries, the debt towards the suppliers in Serbia amounts to 284 million, and the suppliers abroad are owed RSD 53 million.

Let us remind that ZOS Trnava, former owner of Gosa, sold the factory to the Cypriot company Lisnart in April 2017, transferring the claims to its subsidiary ZOS Zvolen. The petition in bankruptcy was filed by the Zemun-based company Capital Consulting, which bought the claims of EUR 400,000 from ZOS Zvolen.

At the first creditors' hearing, held in mid-February, a report on the economic-financial state of the bankruptcy debtor was adopted and the Board of Creditors, featuring five members, was appointed.

The bankruptcy procedure, initiated last November, now stalls due to the complaint filed by representatives of Lisnart. This is the second complaint to the initiation of bankruptcy proceedings. The Commercial Court of Appeal is expected to reach the decision these days.

– If the court confirms the bankruptcy, the next step is the decision on bankruptcy and the monetization of the property to the end of settling the creditors' claims – says the bankruptcy supervisor.

As he told Novosti, a part of the factory has been rented by Gosa RSC, a company which formally existed before and which has hired around a hundred workers in order to finish the job it started.

Novosti writes that it remains uncertain whether there will be enough money left to pay the workers after the factory is sold. After the initiation of the bankruptcy proceedings, there are 324 workers of Gosa registered at the National Employment Service. Gosa's workers, let us remind, went on a strike from March till July 2017 over the issue of 25 unpaid salaries.
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