Creditors voted for survival of Velefarm

Velefarm AD Holding in bankruptcy will continue to operate. This was decided at the first meeting of creditors, which was held Friday (13 July 2012) at the Commercial Court in Belgrade. None of the creditors voted for the bankruptcy of what has been the biggest drug wholesaler in Serbia for decades now, reads a release issued by Velefarm.

- In this way, all creditors with a voting right, and these are the largest domestic and foreign manufacturers of drugs, have expressed interest in making it possible for Velefarm, with all its preserved resources, to survive and continue to supply drugs to the health system in Serbia. The next step is to create a reorganization plan, which will be taken in consideration in autumn - reads the release.

Let us remind that the bankruptcy proceedings against this company were commenced April 26th, after which its financial operations have been stabilized, the number of employees have been significantly reduced, whereas organization and costs are optimized on a daily basis.