Instead of MK Commerce, Vojvodjanska Banka buys Apatin Shipyard

Vojvodjanska Banka has offered to buy the Apatin Shipyard for RSD 230 million, whereas MK Commerce's offer amounts to RSD 130 million.

The bid submitted by Vojvodjanska Banka will most probably be accepted, Shipyard Bankruptcy Manager Predrag Ljubovic told the press after the opening of bids on Friday, February 17.

He explained that final decision on the sale of the Apatin Shipyard would be made by the Board of Creditors because the price that Vojvodjanska Banka offered to pay was below 50 percent of the shipyard's estimated value.

The Apatin Shipyard's liabilities to creditors, the largest of which is Vojvodjanska Banka, amount to RSD 1.18 billion.

On 19 September 2011, the Board of Creditors gave the bankruptcy manager its consent to sell the company to the only bidder, MK Commerce, whose offer amounted to RSD 150 million.

However, based on Vojvodjanska Banka's appeal, a judge postponed the signing of a sales agreement until the Commercial Court's ruling on the case.