Porecje steps into bankruptcy - Company debts total app. EUR 10 m

(Photo: Sinisa Botas/shuterstock.com)

Approximately 80 people from Vucje-based Porecje, will lose their jobs since not even two public calls the company succeeded in privatization so management asked for bankruptcy. The decision was made so that company property would be protected from trustees since the period where the company was protected from forced payment collection no longer exists.

Everything that will follow in the future with Porecje will depend on the decision of the acting trustee in bankruptcy which Trade court from Leskovac is to appoint. Not even the intention of the Government of Serbia to, after privatization, write off all debts of Porecje to state trustees which makes 80% of total debt of some EUR 10 m helped the company find a new owner. The company was under the hammer at first for EUR 7,8 m and in the second call it was offered for a third of the value.

- Estimated company value was high. I do not want to say it was a bad intention. I suppose that someone wo has better approach in all institutions will come to the company as a renter and in agreement with a trustee in bankruptcy will acquire part by part of the company – Nebojsa Videnovic, acting GM at Porecje.

According to his findings, 16 investors showed an interest for Porecje through the letter of intention. Videnovic believes they gave up for the fear of the problems they would encounter.