Bankruptcy of Jugoremedija confirmed – Sale of bankruptcy estate of Zrenjanin company to follow

The complaint of the Board of Creditors of Jugoremedija has been rejected, and the Appellate Court of Belgrade has confirmed the decision of the Commercial Court of Zrenjanin.

The decision has reached the local Commercial Court, which is supposed to order the administrative receiver to advertise the evaluation of the factory in bankruptcy and define further actions until the final opening of the sale. Unofficial information says that the decision is yet to be submitted to the Board of Creditors.

– We have not yet received any written document, though we’ve heard that the decision is not in our favor. The only important things is for the purchaser to be found – estimates Vladimir Pecikoza, head of the Board of Creditors of Jugoremedija a.d. in bankruptcy.

The next step, supervised by the Commercial Court and carried out by the administrative receiver with consent of the Board of Creditors, is to advertise the collection of bids for the assessment of the value of Jugoremedija.

– The bankruptcy estate of Jugoremedija is to be sold as a legal entity, together with licenses and everything belonging to the factory. Once the value has been assessed, the sale will be advertised – the administrative receiver, Radovan Savic, explained recently.

If the evaluation is completed within the next two months, the sale can be expected to be advertised this spring. The bankruptcy proceedings were implemented in Jugoremedija in December 2012 and ended in November 2016, when the adoption of the reorganization plan failed after numerous attempts, as the majority creditor Heta Real Estate had given up on attempts to reorganize the factory and initiate the production. The declaration of bankruptcy is followed by the sale of the property and the settling of liabilities.

Considering that the factory had been leased until November 1, 2016, the minority shareholders expect that the factory will at least stay within the pharmaceutical industry.

Jugoremedija a.d. Zrenjanin

Heta Real Estate Beograd

Apelacioni sud Beograd

Privredni sud u Zrenjaninu

Heta Real Estate

Jugoremedija Board of Creditors

Appellate Court of Belgrade

Jugoremedija bankruptcy

Jugoremedija bankruptcy proceedings

Vladimir Pecikoza

sale of Jugoremedija

Radovan Savic

pharmaceutical drug manufacture Zrenjanin