Dalekovod submitted a proposal for the opening of pre-bankruptcy settlement

Zagreb’s Dalekovod d.d. submitted a proposal in mid-November for the opening of pre-bankruptcy settlement proceedings, stating that the total liabilities of the company on the day of submission amounted to more than 1.56 billion kuna.

According to today’s data from the Financial Agency (Fina) website, Dalekovod submitted the proposal for the opening of pre-bankruptcy settlement proceedings on November 14, and the Settlement Council today issued a decision calling on Dalekovod to submit the missing documentation necessary to initiate the proceedings within 40 days, in accordance with the provisions of the Financial Operations and Pre-Bankruptcy Settlement Act.

This includes a report on the financial condition and operations of the debtor, plans for financial and operational restructuring, a report from the authorized auditor, a list of assets and rights of the debtor registered in the appropriate registers, a statement that the conclusion of the pre-bankruptcy settlement will not affect the claims of employees, a description of negotiations with creditors, and notifications sent to creditors.

The proposal for the opening of proceedings states that Dalekovod, which has 760 employees, met the conditions for initiating pre-bankruptcy settlement proceedings at the moment the Financial Operations and Pre-Bankruptcy Settlement Act came into force, i.e., on October 1 of this year, due to insolvency and over-indebtedness.

“The value of the debtor’s assets does not cover existing obligations, and the debtor believes that in the upcoming period it will not be able to duly fulfill its matured obligations,” states Dalekovod’s proposal for initiating pre-bankruptcy settlement proceedings.

Dalekovod d.d.’s account has been blocked since October 29 of this year, when the company announced that the Management Board “is taking all necessary measures to quickly eliminate the causes of the said blockage,” and in mid-November, Dalekovod announced to shareholders the initiation of pre-bankruptcy settlement proceedings.

In that notification, it is stated that Dalekovod is in a “very difficult, but not an unsolvable financial situation, due to the blockage of accounts by several business banks,” as well as that the Management Board is “in discussions with major creditors regarding the initiation of pre-bankruptcy settlement proceedings.”