Bankruptcy proceedings commenced against Velefarm

The Commercial Court commenced preliminary bankruptcy proceedings against Velefarm on 20 March 2012 by introducing temporary measures and appointing a temporary bankruptcy manager, the company announced in a statement.

According to the statement, the Court has already set dates for hearings to discuss the conditions for commencing bankruptcy proceedings: April 2nd for Velefarm VFB and April 26th for Velefarm AD Holding.

The statement further reads that the costs of commencement of both bankruptcy proceedings have been covered by the interested creditor Vrsac-based Hemofarm, so that the state will not automatically become the owner of Velefarm, although that has already been announced by certain media in Serbia.