Petar Drapsin plant goes bankrupt - Debt of EUR 13 m

(Photo: Ivana Vuksa)

The Agency for privatization officially informed us that we are listed as the company where bankruptcy procedure will be implemented and we have deadline of 60 days to implement social program for the employees – Sinisa Nedeljkovic, Commercial Manager at Petar Drapsin confirmed.

The Agency officially stated that the reason for bankruptcy is the fact that the plant for production of metal products which employs 57 people and pays salaries regularly “does not have business activities”.

- We couldn’t believe when we saw this explanation – Nedeljkov was disappointed. – It is true our account is blocked but not due to our fault but for the mistakes of previous buyers with whom contract on privatization was terminated due to unsettling debts. Even with that, our production is working and we paid all salaries for last year.

Commercial Manager outlines the plant is not planning to complain about the decision of the Agency since they think it would not get them an anywhere.

Let us remind that eight serious buyers is interested in Drapsin. They delivered letters of intentin on time and have been communicating constantly with the company management. Mainly companies from Serbia with similar core business are interested in the company but foreign partners have also shown they are serious. One of them is Italian Valerio which wants to buy all the property.

Debt totaling EUR 13 m