Appellate Court repeals decision on bankruptcy proceedings in Srpska Fabrika Stakla

The Appellate Commercial Court repealed the decision on initiating bankruptcy proceedings in Srpska Fabrika Stakla in Paracin and conditions were created to continue the production at full capacity and to find a strategic partner, the company told Beta on Friday, December 8, 2017.

The case was opened in September, 2017, in line with the decision by the Commercial Court of Kragujevac. The bankruptcy proceedings were initiated by the Cacak-based company Veksilium Balkan, which reported claims of EUR 47 million.

Prior to the bankruptcy proceedings, the factory had 825 workers, and the bankruptcy trustee let 240 go, lowered the salaries and reduced the production by 70%.

The Paracin factory was acquired in 2015 from the Bulgarian company Glass Industry by CPR Impex, which produces arms and military equipment.

CPR, as Beta was told, will manage to restart the production in Staklara at full capacity without selling the property.

– We will also complete the negotiations with the two biggest producers of glass in the world – the company said and added that CPR Impex had bought Srpska Fabrika Stakla with debts of EUR 105 million and that EUR 77 million had been repaid before the initiation of the bankruptcy proceedings and that factory had been paying its monthly obligations regularly.

Srpska fabrika stakla a.d. Paraćin

Privredni apelacioni sud

Privredni sud Kragujevac

CPR impex d.o.o. Beograd

Veksilum Balkan doo

Srpska Fabrika Stakla

Commercial Appellate Court

Commercial Court of Kragujevac

Veksilium Balkan

Glass Industry

CPR Impex

production of glass