City of Vranje to “Forgive” Yumco’s Debt of RSD 1 Billion in Exchange for Permanent Stake in the Company

The members of the City Council of Vranje have adopted the decision on the conversion of the creditors’ claims into a permanent stake in the Yumco company. The debt amounts to slightly over RSD 1 billion, the city website says.

– The reason for making this decision is acting in line with the decision of the Government of Serbia, whereby it is determined that the state creditors are advised, as a PPRP measure, to convert their claims towards the privatization subject in case the PPRP is adopted – it is said.

The decision will be put before the members of the City Assembly for consideration and adoption.

Grad Vranje

HKPK Yumco a.d. Vranje

Vlada Republike Srbije

City of Vranje

Yumco

Government of Serbia

debt

debt conversion

PPRP

Prepackaged Reorganization Plan