Nicovic fights bankruptcy

(Djordjije Nicovic)

Debts threaten to sink another business empire in Serbia - Irva Investicije, which is owned by Djordjije Nicovic whose business accounts have been constantly blocked for almost two years. The management of this company has filed a reorganization plan, which was prepared in advance, and it envisages paying of 100% of claims to creditors within next five years, part of which will be paid from the proceeds from the sale of property and part from the company's revenues.

As the management of Irva Investicije learns, creditors are willing to do this because bankruptcy would also be a bad solution for them since they would probably not be paid. As many as 72% of creditors are in favor of the reorganization plan, and all of them are banks. The creditor with the biggest claims is Banca Intesa, followed by AIK Banka, Piraeus, Agrobanka, Marfin Banka...

Due to a liquidity problem, the Privatization Agency confiscated three textile companies - Rudnik, Nitex and Prvi Maj - from Nicovic last year, as well as the construction company Gradjevinar in Nis.

The system still comprises the trade company Jabuka, the catering company Visnjica, and PIK Becej, while Nicovic also owns several agricultural companies in Vojvodina, as well as the milling and baking company Napredak in Velika Plana, the metal industry Mackatica, Montenegrin tourist company Mimoza, Gorska water plant, etc.