Bankruptcy of Meat Industry PIK Kikinda ?

Privatization Agency, which named the bankruptcy manager due to fact that majority ownership in Kikinda-based Meat Industry PIK is public, suggested that the bankruptcy proceeding should be conducted in such a way that the factory goes bankrupt. There were four attempts for tender and auction sale, but the new owner of PIK, the factory with 70-year tradition in field of production and processing of meat, was not found.

Bankruptcy means settling of debts by sale of entire property of bankrupted debtor and it is far quicker than reorganization. The suggestion for bankruptcy was given on the basis of reports on financial-economic analysis.

Final decision will be made by the Assembly of Creditors made of bankruptcy creditors, some of which are workers. If this Assembly does not accept bankruptcy, it is possible that the second bankruptcy proceeding will be conducted in former meat giant -reorganization.