Agreement reached on commencement of reorganization of Nibens Group

Representatives of banks, the biggest creditors of enterprises within Nibens group, have reached an agreement on joint activities that are necessary to execute to enable the financial and operational restructuring of Nibens Group, the Privatization Agency announced.

Detailed analyses have showed that this system of road maintenance companies, each of which has a long tradition, has run into serious problems and fallen into big debts, primarily due to poor management and inappropriate financial operations in the previous period, but it also has a potential to make profit and repay the debts to creditors.

The agreement, which has been reached thanks to active participation of the Privatization Agency, entails, among the rest, creation of conditions for unblocking the company's account and appointment of a new professional management to coordinate the operations of the group, of which primary task is to maintain the continuity of production and consolidate the performance of all enterprises. At the same time, preparations are about to commence for the implementation of comprehensive reorganization of the group, with the support of all creditors, which should enable the sustainable continuation of operations in the long run.

This agreement is only the first step in the process of revitalization of Nibens Group and the Privatization Agency continues to monitor the performance of five companies within the group and it is ready to support the agreed activities in accordance with their legal authorizations. The common aim of all sides in the procedure is to facilitate successful performance of the entire road maintenance system, which will result in efficient fulfillment of obligations toward employees, creditors and the state, as well as their further engagement in infrastructure works of the greatest importance to the Republic of Serbia and prevention of the loss of a significant number of jobs, reads the statement.

Nibens Group d.o.o. Beograd

Agencija za privatizaciju Republike Srbije Beograd prestala sa radom 29.01.2016.

PZP Beograd a.d. Beograd

Trace Srbija ad Niš

PZP Kragujevac d.o.o. Kragujevac

Trace PZP Vranje a.d. Vranje

VOJVODINAPUT-BAČKAPUT DOO NOVI SAD

Zgop a.d. Novi Sad

Signalizacija put d.o.o. Kragujevac

Kamen desetka d.o.o. Beograd

Budućnost a.d. Preševo

FAM

Nibens

Strazevica