Bankruptcy proceedings commenced against Zrenjanin-based Jugoremedija

The Commercial Court in Zrenjanin today adopted a decision to commence bankruptcy proceedings against the Zrenjanin pharmaceutical plant Jugoremedija at the proposal of Hypo Alpe Adria Bank. This bank filed a request for the start of bankruptcy proceedings against Jugoremedija on December 3rd.

Jugoremedija signed a loan restructure agreement with that bank in late April 2011, but it was unable to meet agreed obligations due to heavy business problems.

Judge Gordana Kocic today rejected a motion to postpone a hearing made by Pre-Bankruptcy Manager Radovan Savic.