Court declares Jugoremedija bankrupt – Company in bankruptcy procedure since December 2012

The Commercial Court of Zrenjanin has reached the decision to declare Zrenjanin-based pharmaceutical factory Jugoremedija bankrupt. The bankruptcy procedure was initiated in December 2012.

Creditor Heta Real Estate from Belgrade proposed a reorganization plan, but it was subject to numerous corrections and amendments.

At the request of the creditor, an additional deadline was approved on August 19, until October 15, 2016, for the creditor to submit an amended reorganization plan.

As the creditor failed to submit an amended reorganization plan within the deadline, on October 24, the court reached the decision deeming the reorganization plan to have been withdrawn.

Jugoremedija was privatized in 2002 by the Macedonian company Jaka 80, owned by Nis-based businessman Jovica Stefanovic Nini. Following several months of a strike of a majority of the employees, also minority shareholders in Jugoremedija, the state terminated the privatization, as the owner had failed to meet the requirements from the agreement.

The factory was then taken over by the employee-shareholders headed by Zdravko Deuric, who was later tried over the suspicion that he had, as the general manager, along with several of his associates, damaged Jugoremedija while founding the business entity Penfarm. The production facilities were rented by Novi Sad’s Union Medic in the meantime.

The bankruptcy procedure in Jugoremedija was opened at the request of Hypo Alpe-Adrian Bank, with which the Zrenjanin factory had signed an agreement on debt restructuring in late April of 2015, and whose receivables amount to EUR 1.6 million.

Jugoremedija’s case is on the list of 24 suspicious privatizations, the inspection of which has also been demanded by the European Union.

Jugoremedija a.d. Zrenjanin

Addiko bank ad Beograd

Privredni sud u Zrenjaninu

Heta Real Estate Beograd

JAKA 80 RADOVIŠ MAKEDONIJA

Jugoremedija

Penfarm

Union Medic

Hypo Alpe Adria Bank

Jugoremedija bankruptcy

Zrenjanin pharmaceutical factory

Heta Real Estate Belgrade

Jaka 80

Jovica Stefanovic Nini

Jugoremedija minority shareholders

Jugoremedija privatization

Zdravko Deuric