Creditors' Committee to decide on the fate of 'Fidelinka' on January, 26th - AIK Bank offers solution

According to "Subotica Gazette", on Wednesday, 26th of January, The Creditors' Committee will decide before the bankruptcy judge whether to put the company "Fidelinka" into bankruptcy, and therefore, sell its property or move it into reorganization.

The reorganization would entail the mobilization of financial and production capacity to return debts. The largest owners of this wheat mill company, the Swiss "Mineco" and " Mowbray Systems " from Virgin Islands, offered a business plan to creditors who seek 5.5 billion dinars (court had already admitted 2.5 billion)which they would have to find acceptable because oherwise the company would have to declare bankruptcy.

According to this reorganization plan, the largest shareholders predicted back payment of minimum wages to employees, recapitalization of "Fidelinka" with 220 million dinars and borrowing a credit in the same amount. Also, this plan includes that instead of returning the loan of 660 million dinars to the banks, the banks become co-owners of Fidelinka per share issue price of 550 dinars, while the additional funds would be provided by sale of property owned subsidiary "Fidelinka Properties". According to "Subotica", AIK Bank is willing to withdraw the proposal for bankruptcy as there are intensive talks to find the best solution, but still it does not give up from the protection of its interests.