No interest in Budimka due to unsolved issues – Chinese potential buyers

The Pozega-based fruit factory Budimka went into bankruptcy in early 2016 because none of the potential buyers wished to privatize the company due to unresolved relations with its former owner, the Novi Sad-based Pankomerc.

The bankruptcy proceedings were opened on February 5, and a social program was announced for the 70 workers.

Pankomerc privatized Budimka in 2008, but the privatization was canceled two years later. The Government promised at the time that the issues with the former owner would be resolved shortly. However, this didn't happen, and Pankomerc returned to the factory under the Board of Creditors formed by the Commercial Court of Uzice.

This way, the unsuccessful owner of the factory gets the opportunity to participate in preparing the reorganization plan for the enterprise it failed to run several years before.

The former director of the factory, Rade Tanaskovic, believes that the Bankruptcy Supervision Agency, which is currently running Budimka, should say something regarding the issue, and the Uzice court should reach the final decision on the reorganization plan by the end of this month.

However, the state hasn't yet made any statements as the largest creditor, nor has it appeared in court since the bankruptcy was declared.

By the way, the court had given the creditors a deadline for the preparation of the reorganization plan, which they failed to honor. The deadline was then extended for the preparation of the plan which envisions the privatization of Budimka by a Chinese company. Nevertheless, until the property relations with the former owner are resolved, it's not likely that anyone will decide to privatize the former Pozega giant.

Budimka doo Požega

Vlada Republike Srbije

PANCOMMERCE Novi Sad

Privredni sud Užice

Agencija za licenciranje stečajnih upravnika Beograd

Budimka Pozega

fruit factory Pozega

privatization of Budimka

Pankomerc Novi Sad

Commercial Court of Uzice

Rade Tanaskovic