Reorganization plan accepted for Valjevo-based Sloga

(Valjevo)

On Friday (20 March 2015), the Court of Commerce in Valjevo accepted the reorganization plan for Sloga, a company that runs hotels and restaurants in Valjevo and at Mount Divcibare.

The debts of Sloga, which has been bought by the Vujic family by tender, total RSD 1.4 billion, whereas the estimated value of the assets is RSD 2.8 billion.

According to the reorganization plan, the debt to workers and the Tax Administration is to be cleared immediately, whereas the debt of RSD 222 million to suppliers should be paid over the period of 10 years with a one-year grace period, and the debt to banks and national funds in 12 years, after a grace period of three years.

Only the Tax Administration refused to accept the reorganization plan for Sloga, and it also did not back the reorganization plan for the private company Vujic Valjevo, a producer of PVC joinery.

The Vujics also own a non-carbonated water bottling plant in Petnica, which may be put up for sale, as well as a solitary hotel and the administrative building of the unsuccessfully privatized building company Jablanica, which they bought later from the majority owner, if that's the only way for them to meet the deadlines for reorganization of Sloga and Vujic Valjevo.

The company of the Vujic family, especially their production of PVC joinery, was among the leading businessed in Valjevo and Kolubara Region for years, but they are in a serious crisis for a while because, as economists say, they have been overinvesting.