Sale of Cimos in the first half of 2015 - Restructuring plan completed

Koper-based Cimos succeeds in restructuring plan development within deadline

According to the plan, the Institution for banks’ claims management, (DUTB) and business banks will turn into basic Cimos’ capital some EUR 200 m of claims (out of total EUR 350 m of claims). Banks will write off smaller portion of claims.

The company should pay the remaining part until 2026. This should eliminate the company insolvency. One of the biggest Slovenian exporters had in late August more than EUR 132 m of negative capital, and the amount increases every month for a few million, Ljubljana’s Dnevnik reports.

In the first half of next year, banks will, of course, if trustees approve the proposal of forced settlement, initiate the process of sale of Cimos. While at the beginning of the forced settlement, there was an idea that production sections or daughter companies should be sold separately, based on requests of group members, Cimos is to be sold as a unit.

Cimos has more than 20 daughter companies and some of them which are not crucial for company business operations will be shut down.

It is expected that new company will have three key production centers. Apart from Koper, they will be in Gradacac BIH which operates as one of the most important companies within Cimos TMD as well as Buzet. According to realistic scenario, next year Cimos should operate with profit and according to pessimistic one it will happen in 2017 latest.