Swiss company to become owner of FAS – Board of Creditors accepts sixth offer by Batagon

The Board of Creditors of Fabrika Akumulatora Sombor (FAS) in bankruptcy accepted the offer of the Swiss company Batagon International AG for the purchase of the company’s property at the meeting held on Friday, December 1, 2017, the SOinfo portal reports.

The interested purchaser sent an offer of EUR 7.35 million in mid-November, which the Board of Creditors accepted by a vote of three-against-two, thereby authorizing the bankruptcy trustee to finalize the procedure of the sale of the former Sombor-based production giant.

– I will officially notify the purchaser of the decision of the Board of Creditors as soon as Monday (December 4). Following that, in line with the terms of the public invitation, Batagon will be given 15 days to sign the contract of the purchase of FAS, and then another 15 days to make the payment – the bankruptcy trustee of FAS, Predrag Ljubovic, told SOinfo.

He stated that Batagon intended to initiate the production as soon as possible, and he also reminded that the Swiss had bought a part of the Sombor-based waste management company Trgosirovina for EUR 350,000.

As the portal reports, Dalibor Matic, representative of Batagon, stated on the occasion of sending the first of the six offers that big investments in the plant, new equipment, staff training and new management would be needed.

– An investment of a million euros is needed just to bring the plant back to its previous condition, and technological capacities and production need to increase as well. I believe that there should be 450 to 500 workers initially, and then up to 800 later on, which, as far as we know, is how many there were before – Matic stated.

The plant would primarily be producing for the markets of Russia, Germany, Switzerland, Italy and France, Matic said previously.

The intention of Batagon, he says, is to successively solve the environmental protection issue, which they are also obligated to do by the Swiss law, according to which subsidiaries in other states need to dedicate themselves to environmental protection in the states they operate in.

At the public auction for the purchase of FAS’ property, Batagon first offered EUR 3.5 million and then started incrementally increasing the offer. The sixth, final one, amounted to EUR 7.35 million. The estimated value of the former Sombor-based car battery giant is EUR 24.57 million.

Black Horse- FAS doo Sremska Mitrovica

Fabrika Akumulatora Sombor

FAS

Batagon International AG

Trgosirovina

production of car batteries

car batteries

Predrag Ljubovic

Dalibor Matic

Fabrika Akumulatora Sombor bankruptcy proceedings

sale of Fabrika Akumulatora Sombor