ITM starts pre-bankruptcy proceedings

Toplica Spasojevic (Photo: ekapija)

ITM has decided to start pre-bankruptcy proceedings and carry out a previously prepared reorganization plan (UPPR) due to tight liquidity given that it was assessed that the company would have difficulties repaying loans to banks in the future.

Although its account is not blocked, ITM has decided to take this step in order to continue to operate normally and pay its obligations to suppliers, business partners and banks on a regular basis, said ITM CEO Toplica Spasojevic.

- Since 2008 ITM has invested EUR 7 million and hired 300 people. Last year we repaid EUR 7 million to banks and reduced our debts from 34 to about 27 million euros - Spasojevic told the weekly magazine NIN.