Simpo to submit Restructuring Program on August 26th

In line with an agreement with the Serbian government, the Simpo company has prepared a restructuring program that contains, among other things, a concrete proposal for paying all due and outstanding tax liabilities. This morning Simpo also officially notified the Tax Authority of Serbia of this, the company said in a release.

This program, which is agreed to be submitted to the government on Monday (August 26th), represents an operational supplement to the Strategy for the Improvement and Development of Simpo that was submitted to and supported by the Serbian government in November 2012.

In a reply sent to the Tax Authority of Serbia, Simpo underlined that as far as the settlement of its tax liabilities was concerned, the company fully respected relevant laws and other acts as well as a conclusion adopted by the Serbian government.

Blocking the company's account would inevitably lead to production stoppage and the loss of deals closed with partners in the country and abroad, such as Ikea, Kika and France's Roche Bobois. This would put 4,500 employees of Simpo and its subsidiaries in danger of losing their jobs as well as endanger the survival of numerous other companies in the south of Serbia that are directly connected with Simpo as its suppliers.

On the other hand, Finance Minister Mladjan Dinkic announced today that there was no doubt that Simpo's account would be blocked on Saturday morning.

Simpo a.d. Vranje

Vlada Republike Srbije

Poreska uprava Srbije

IKEA Srbija d.o.o. Beograd

Emmezeta Srbija d.o.o. Beograd

Ministarstvo finansija Republike Srbije

Simpo restructure

Ikea

Kika

Roche Bobois

Mladjan Dinkic