Third attempt at Zelvoz sale unsuccessful

The third attempt at a sale of the bankruptcy owner FZV Zelvoz in bankruptcy from Smederevo has been pronounced unsuccessful, it was confirmed to Danas by the Bankruptcy Supervision Agency.

– The public bidding for the purchase of Zelvoz was supposed to be held in January 20, 2017, at noon, but, as no bids had been submitted, the sale was pronounced unsuccessful – stated the administrative receiver for Danas.

The deadline for the purchase of the documentation and the deposit payment was January 13, and it was apparent back then that the third sale of the legal entity in bankruptcy through public collection of written bids would fail like the previous two.

The source of Danas from the Board of Creditors of Zelvoz in bankruptcy, who has asked to remain anonymous, says that they sent a proposal for adjusting the estimated value following the first attempt at a sale, but that the Bankruptcy Supervision Agency has the final say, as well as that the same proposal will be sent following the latest unsuccessful sale.

The estimated value was RSD 1.15 billion, the same amount as in the previous two attempts from 2016 (June and October), and the ad states that “the estimated value of the property is not the minimum acceptable value nor in any other way binding or defining for the bidder in determining the height of the offer”.

All legal and natural persons had the right of participation in the sale procedure, following the purchase of the sale documentation at the price of RSD 100,000 and the deposit payment in the amount of RSD 230.6 million or the submission of an irrevocable first demand bank guarantee.

Let us remind that what was then called the Privatization Agency annulled the sales and purchase agreement on Zelvoz Smederevo with the majority owner from Romania in 2011 due to a failure to honor the obligations arising from the agreement. The factory, which employed around 1,450 workers at the time, had been sold to the Romanian consortium Grampet-Remar for EUR 1.15 million in 2007.

The downfall of the factory continued until 2015, when the bankruptcy proceedings were initiated.

According to the explanation of the decision by the Commercial Court of Pozarevac, the bankruptcy owner's account had been permanently frozen for around a thousand days at the moment of the initiation of the bankruptcy proceedings, and its outstanding liabilities far exceeded the value of its property.

Želvoz doo Smederevo

Agencija za licenciranje stečajnih upravnika Beograd

Privredni sud u Požarevcu

FZV Zelvoz in bankruptcy

sale of Zelvoz

Grampet Remar

Commercial Court of Pozarevac

bankruptcy proceedings