Court to make decision about destiny of ATP "Vojvodina" - appearance scheduled for November 4th

The bankruptcy creditors of ATP "Vojvodina" are summoned to the Court of Commerce in Novi Sad tomorrow (November 4th, 2009) to decide if they accept the plan for reorganization of the company.

If they accept it, the intercity departures from the old bus station near the Railway station will be moved to the new station of ATP "Vojvodina", at the corner of Sentandrejski Road and Novosadskog partizanskog odreda Street.

If the creditors reject the plan, the Court of Commerce will make the decision on commencement of bankruptcy proceedings in the company, and then the debt to the creditors will not be paid in full amount, but only the share that can be covered by the money from the sale of "Vojvodina", of which lot was used for construction of new bus station.

- Those who have mortgages are not even going to get 30% of what "Vojvodina" owes them, while 506 workers will be left without unpaid salaries - bankruptcy manager Nikola Pavlović points out.

He invited creditors and their representatives to appear at the court tomorrow at 9 AM. He says that the summons were sent, as well as the voting ballots.

- If the creditors such as Meridian Banka, Komercijalna Banka, Banca Intesa, Tax Administration and former employees accept the plan for reorganization of the company, the bus station may be put in operation very soon. There is no need for a special permit because the station already has the documentation for work. The only thing that the city should do is inform the public that the intercity departures from one station will be moved to another station - Pavlović explained.

The commencement of work of the bus station would enable creation of about 200 new jobs.

- Debts to the creditors would be paid in full amount prior to the end of the fifth year, while certain share of the debt would be paid in stocks whose value would be then much higher than now. The commencement of work of the bus station would anticipate the sale of other property of "Vojvodina" in bankruptcy. The service shop would not be sold right away, but one year later, in order for as high price as possible to be reached in the market. "Vojvodina" also owns bus stations in Bačka Palanka, Irig, Ada, and an office space at about 500 square meters Oslobođenja Boulevard in Novi Sad. That property would be offered for sale immediately - said Pavlović.