Source: Novosti | Wednesday, 13.02.2019.| 15:29
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SFS Paracin makes request for re-initiation of bankruptcy proceedings as alternative to enforcement

Illustration (Photo: bibiphoto/shutterstock)
Not long after the decision on the termination of bankruptcy proceedings at Srpska Fabrika Stakla (SFS) Paracin came into effect, another request for the initiation of bankruptcy proceedings in the said company was filed at the Commercial Court in Kragujevac.

This time, it is the factory itself that proposes bankruptcy proceedings, along with a pre-packaged reorganization plan (PPRP), at the proposition of its Supervisory Board, as a means of escaping enforcement due to huge debts and a blocked account.

As said in the company's proposition, their accounts have been blocked since March 29, 2018, for an amount exceeding RSD 628 million, making the company insolvent...

The bankruptcy judge in this procedure, Branislav Jovovic, of the Commercial Court in Kragujevac, reached the decision on February 8 setting measures of security for the purpose of preventing a change of the company's financial and property position for the duration of the procedure and no longer than six months.

At the same time, the former bankruptcy supervisor, Sasa Jovanovic, has been named the temporary manager, and even more importantly, there is now a ban on enforcement.

However, judge Jovovic ordered SFS Paracin to prepare the PPRP within eight days by submitting a property evaluation, statements of consent by majority creditors and an extraordinary financial report.

As Novosti learns unofficially, last week, the factory was visited again by representatives of Vetropark, who used to be interested in purchasing the packaging facility. The reappearance of this company in Paracin has led to new speculations about a potential sale of the factory, this time out of bankruptcy, that is, without debts and liabilities towards workers...

The news that SFS Paracin has filed this request by itself was revealed on the second day of the protests of fired workers, held on February 8.

Although the former workers repeated that they wouldn't give up on returning to SFS Paracin, the new developments might lead to a change in such strategy.
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