PPRP for Trayal Korporacija adopted – Debts reprogrammed, repayment period 10 years

The Pre-Packaged Reorganization Plan (PPRP) for Trayal Korporacija, which has been adopted recently, envisions the repayment of the debts of the Krusevac-based enterprise over the next ten years, with a grace period of two years. It also states that, to that end, a part of the property not necessary for the performance of core activities might be sold, and that the facility won't change its core operations or shut down.

Even though the adoption of the PPRP for Trayal means that the Krusevac enterprise, which employs the largest number of workers in the city, 1,150 of them, will get a chance to survive, those in charge didn't want to discuss the details of the plan.

Neither the management nor the Bankruptcy Supervision Agency wished to talk about how the debts, which, according to earlier information, amount to around EUR 130 million, are to be repaid, or which part of them is to be repaid.

Beta learned from the Bankruptcy Supervision Agency that the PPRP had been adopted and that the document could be found on the website of the Business Registers Agency.

Among other things, the 115-page document states that the creditors, whose receivables are secured, are to be repaid EUR 21.65 million by Trayal in the process of carrying out the PPRP, and that the minimum wage obligations, to be paid before the PPRP starts being implemented, amount to around RSD 34 million.

The tax debt will be reprogrammed to 60 months, and the amount to be repaid amounts to around RSD 19 million. Regarding the creditors from the third repayment band, a write-off of all interests on the principal amount, as well as 70% of the main debt, has been envisioned, which means that the obligations amount to around RSD 186 million.

The plan encompasses the conversion regarding which the Decision was made by the Government of Serbia on October 11, envisioning turning the receivables to state creditors into equity.

The employees are satisfied about the adoption of the PPRP and the fact that the factory has been given a chance to survive and continue operating, said Milosav Vukojicic, president of the Autonomous Trade Union at Trayal, for Beta, but also declined to discuss the details of the plan.

Trayal, which has gone through an unsuccessful privatization process, was under protection of the state from the collection of the creditors' claims until May. Before the expiration of the period, the company submitted the PPRP to those in charge. According to earlier statements by the management, all four of the company's factories had the production contracted until the end of the year.

Trayal korporacija a.d. Kruševac

Agencija za licenciranje stečajnih upravnika Beograd

Agencija za privredne registre Beograd

Trayal

Trayal Korporacija

Pre Packaged Reorganization Plan for Trayal

PPRP for Trayal

Bankruptcy Supervision Agency

bankruptcy

Business Registers Agency

Autonomous Trade Union at Trayal

Milosav Vukojicic