Toza Markovic in reorganization process – Vladimir Ilic appointed new director

After two and a half years of bankruptcy proceedings, the Kikinda-based building material factory Toza Markovic finally entered the process of reorganization and recovery on Friday, August 12, 2016.

– At the General Meeting on Friday, the company’s legal form was changed from a joint-stock company to a limited liability company. The Supervisory Board was elected and Vladimir Ilic appointed director – the announcement by the company’s PR service says.

The decline of the former economic giant and the leading company in its area started in 2006, when the Belgrade-based company ITH became the majority owner of the Kikinda factory.

Bad business decision caused the company and its employees to owe as much as EUR 50 million in debts, and in April 2014, Toza Markovic entered the bankruptcy proceedings.

In May 2016, at the final hearing at the Commercial Court of Zrenjanin, the largest creditors supported the proposed reorganization plan, which meant the company’s exit from bankruptcy. PE Srbijagas became the majority owner.

The realization of the adopted reorganization plan entails the repayment of debts in the next 10 years.

– This enables Toza Markovic to maintain the continuity of its operations, with 150 years of tradition in the same line of business and the same registration and tax identification numbers – the announcement by the PR service of Toza Markovic states.

Toza Marković Kikinda

ITH BEOGRAD

JP Srbijagas Novi Sad

Toza Marković doo Kikinda

Vladimir Ilic

ITH Belgrade

PE Srbijagas