The company Validus announced today via the Zagreb Stock Exchange that a hearing has been scheduled at the Commercial Court in Varaždin for December 15 to examine the existence of possible formal conditions for opening bankruptcy proceedings against the company, but also that an agreement regarding the settlement of claims with the initiator of that procedure, the company Đuro Đaković stan, is in the finalization phase and that a formal suspension of the proceedings is expected.
At the Commercial Court in Varaždin, a hearing has been scheduled for December 15 to examine the existence of possible formal conditions for opening bankruptcy proceedings against the debtor, the company Validus. The procedure was initiated at the request of the creditor Đuro Đaković stan d.o.o. from Slavonski Brod due to unpaid reserve in the amount of approximately 57 thousand kuna (principal), Validus states in response to the Stock Exchange’s inquiry about the existence of new/changed material facts. "Considering that the proposal for convening this hearing was submitted in April of this year, before negotiations with the proposer even began, we can inform you that the agreement regarding the settlement of claims of the company Đuro Đaković stan d.o.o. is in the finalization phase and that a formal suspension of the proceedings is expected in the next few days," Validus emphasizes.
They note that the appointment of a pre-bankruptcy administrator is a usual phase in such a procedure and does not prejudge the final outcome of negotiations between the debtor and the creditor. "We remind you that Validus is finalizing agreements with all creditors, and consequently, the lifting of all blocks on the company’s business accounts is also expected," states the announcement signed by Validus Management Board member Vladimir Šelebaj-Sellier. Validus also reminds that the new crisis management, since taking over the company in June this year, has started intensive negotiations with the company’s creditors in order to stop bankruptcy proceedings. "Namely, the company’s assets are significantly more valuable than the existing debts, therefore the crisis management intends to settle all debts to all creditors in full through controlled sales of parts of the assets over the next five years," they emphasize from Validus. They add that hasty initiation of bankruptcy would result in forced liquidation of assets at significantly lower prices than realistic, which would cause significant damage to both creditors and Validus itself. "In order to avoid such a situation, the Management has managed to agree on the settlement conditions for almost all claims to mutual satisfaction in regular negotiations with creditors," Validus states in the announcement published on the Zagreb Stock Exchange. (H)
