Srpska Fabrika Stakla Paracin goes into bankruptcy

The Commercial Court of Kragujevac initiated bankruptcy proceedings in Srpska Fabrika Stakla Paracin on September 20. The plant will, however, not cease the production. Instead, a certain number of employees will be temporarily hired, said president of the Commercial Court and the bankruptcy judge, Branislav Jovovic.

He said that the main reason for initiating bankruptcy proceedings in the company was the failure to settle the immediate liabilities within 45 days.

The glass plant avoided bankruptcy this June, as the Commercial Court rejected the proposition to initiate bankruptcy proceedings in the company, because no proof had been submitted that would confirm that the petitioner, the Cacak-based company Veksilum, truly had claims of EUR 47 million.

The initial decision by the Commercial Court of Kragujevac was repealed after the petitioner filed a complaint to the Commercial Appellate Court.

– The glass plant employs a large number of workers, and then there are their families as well. For this reason, it is important that the plant will remain operational and that a certain number of employees will be temporarily hired. Whether the glass plant will persevere depends on whether the creditors will accept the reorganization or whether the plant will be put up for sale as a legal entity in bankruptcy – Jovovic explained.

The glass plant in Paracin has 825 workers, and its account has been blocked since November 2016.

Srpska fabrika stakla a.d. Paraćin

Privredni sud Kragujevac

Privredni apelacioni sud

Srpska Fabrika Stakla

Commercial Court of Kragujevac

Veksilum Balkan Cacak

Staklara Paracin

Srpska Fabrika Stakla bankruptcy proceedings

glass production

Branislav Jovovic

Commercial Appellate Court

glass plant Paracin