No forced collection of debts for Galenika until October 2017 – New privatization model being prepared

A new public invitation for Galenika is being prepared. More precisely, the Ministry of Economy is preparing a new privatization model, Novosti writes in today’s issue.

In the meantime, the Government has once again recommended to the state creditors not to start the forced collection procedure. The protection is in effect by the end of September, and the example, as those in charge hope, will be followed by commercial banks, whose claims amount to around EUR 70 million.

The state creditors, above all the Tax Administration and public enterprises, have claims totaling around EUR 150 million.

– To the end of creating conditions for unobstructed carrying out of the privatization procedure, as well as the continuation of Galenika’s negotiations with commercial banks, the Government of Serbia reached the Decision at the session of March 30 whereby the deadline has been moved from March 31 to September 30, 2017 – the Ministry of Economy explains.

The Ministry has not yet defined how big a part of the Zemun-based factory will be offered to potential investors and under which conditions.

– Based on the previous experience, the Ministry of Economy is currently conducting activities to the end of finding an adequate privatization model, which would envisage, among other things, conditional financial restructuring, that is, the manner of Gealenika’s meeting its obligations in the event of a successful privatization procedure – the Ministry of Economy adds.

Galenika a.d. Beograd

Ministarstvo privrede Republike Srbije

Vlada Republike Srbije

Poreska uprava Srbije

sale of Galenika

privatization of Galenika

Galenika creditors

medical drugs

pharmaceutical industry Serbia