Shares in "Pevec" Instead of the Debt to the Suppliers

Suppliers of the Trade House "Pevec" should declare whether they want to their claims of this bad luck company revert into the shares and enter in the ownership.

The "Pevec" say they received numerous proposals from suppliers for the rescheduling of debts and to consider and discuss each proposal and the final decision will likely be made early next week. To this Croat company, due to the inability to pay accumulated debts, threatened bankruptcy.

A few days ago at a meeting with about 400 "Pevec" suppliers noted that the aim to which most of the claims will revert into the ownership and the mentioned model will be successful if 90% of suppliers agree to this proposal, which would be a minimum 50% of claims turned into ownership.

According to previously presented data, the total liabilities of the "Pevec Group" amounted to 1.8 billion kuna (246 million EUR), and debts to suppliers 700 million kuna (97.2 million EUR).

Croatian retail chain, "Pevec" opened the first store in Serbia in Belgrade, Pancevo road in late December last year and in this facility there are 300 workers.