Bankruptcy introduced in "Vizahem"

- In "Vizahem" from Belgrade, which bought company for production of rubber products "Rekord" three years ago, the bankruptcy proceeding has been introduced due to company's inability to settle its obligations - said the spokesperson of the Court of COmmerce, Stevo Đuranović.

He said that the proposal for bankruptcy in "Vizahem" had been initiated on April 23 because of the blockade on 288m RSD since April 2007, and that debt now reached 488m RSD.

Đuranović specified that the introduction of bankruptcy in "Vizahem" did not mean introduction of bankruptcy in "Rekord", which is a separate juristic person.

Let us remind that "Vizahem" is a trade company registered on June 27, 2005. That company participated in several privatization in Serbia.

"Rekord" was sold on the auction in March 2005 to Russian company "Vizahem" for 5.2m EUR, but the company is out of work for 10 months now. Since the bills have not been paid, water and electricity are cut.

Before the sale, the company was in bad condition and it had debts in amount of about 40m EUR. It was supposed to enter bankruptcy, but it entered the restructuring program instead, by the decision of the Government.

It has been said in the Privatization Agency that Russian "Vizahem" bought only the property of "Rekord" on the auction and that its obligation was to, since they bought the company on the auction (which means that company owns property, not capital), pay the purchase price and take over the workers.