Commercial Court reaches decision on bankruptcy in Srpska Fabrika Stakla again

The Commercial Court of Kragujevac reached the decision on initiating bankruptcy proceedings in Srpska Fabrika Stakla (SFS) Paracin for the second time in four months on Thursday, January 18, 2018, the company’s Trade Union confirmed to Tanjug.

This court started bankruptcy proceedings in SFS for the first time on September 20, 2017. The decision was overruled by the Commercial Court of Appeal on December 6, at the complaint of the Municipality of Paracin and the creditors of Staklara, “due to a wrong or incomplete establishment of facts” and the case was sent back to Kragujevac for a new procedure.

Following the decision on the bankruptcy reached by the Commercial Court of Kragujevac on September 20, 230 workers of SFS were laid off. They expected to be brought back after the decision of the Commercial Court of Appeal, and most of them have sued SFS. The factory continued operating even after the initiation of the bankruptcy proceedings.

Let us remind that the bankruptcy proceedings in Staklara opened on September 20 at the request of the Cacak-based company Veksilum Balkan due to a debt of EUR 47 million.

Srpska fabrika stakla a.d. Paraćin

Privredni sud Kragujevac

Apelacioni sud Kragujevac

Veksilum Balkan doo

Opština Paraćin

Srpska Fabrika Stakla Paracin

Staklara Paracin

SFS

bankruptcy proceedings in Srpska Fabrika Stakla

bankruptcy in glass factory in Paracin

Commercial Court of Kragujevac

Commercial Court of Appeal

Veksilum Balkan Cacak

Municipality of Paracin

production of glass