Austrians gave up Subotica-based Azotara

Austrian company "UDS Holding" gave up procurement of Subotica-based Azotara.

In the Commercial court in Subotica, the cancellation of the contract on procurement of Azotara, which used to be in bankruptcy, was signed. After year and half of uncertainty, the buyer from Austria "UDS Holding" gave up investment in Azotara and did not pay remaining 4m EUR, of total price of 7.6m EUR, prior to the deadline, which expired on June 30.

One day before the expiration, the Austrian submitted request for cancellation of the contract because they were not able to provide required financial means.

Of 3.6m EUR, 2.6m EUR will be returned to the buyer.