On Wednesday, the fate of Gredelj will be decided

On December 12, 2012, a creditors’ hearing will be held to examine the submitted claims, followed by a creditors’ hearing where decisions will be made regarding the further course of the bankruptcy proceedings based on the report of the bankruptcy trustee.

Although it is a fact that the Gredelj Railway Vehicle Factory d.o.o. has been in bankruptcy since October 1, 2012, its operations continue under new conditions, as reported by the company.

The company’s goals are to operate positively in bankruptcy to maintain activity and thereby establish a solid foundation for regulating its legal status and relations with creditors. It is essential for Gredelj to become a healthy entity cleansed of unnecessary costs and to be able to operate in the railway vehicle market in the upcoming period. 

Currently, the factory employs 1,000 workers, of which 840 are production workers and 160 work as production service staff.
The value of the assets and receivables of TŽV Gredelj d.o.o. is estimated at approximately 856 million kuna, while the total recognized claims of creditors amount to approximately 900 million kuna.
It should be noted that workers, both former and current, totaling 1,463, have recognized total claims of approximately 270 million kuna gross or approximately 215 million kuna net, and they are in the first higher payment order and will be the first to settle their claims. It is expected that the Agency for the Protection of Workers’ Claims in the Event of Employer Bankruptcy (AORPS) will pay workers a total of approximately 33 million kuna during February. After the bankruptcy plan is adopted, it is expected that the remaining amount, or the difference between the amount that the agency will pay and the total net amount of workers’ claims, will be settled in installments from the further operations of the company in bankruptcy proceedings.

At the aforementioned hearing, the bankruptcy trustee of TŽV Gredelj d.o.o. in bankruptcy will propose that production continue and that all possibilities for continuing operations in bankruptcy and continuing work through the proposed bankruptcy plan be examined.
Following the workers, the second higher payment order primarily includes banks and suppliers, specifically 458 creditors with total claims of 502 million kuna. Claims of 30 million kuna from suppliers have not yet been submitted, and the deadline for submitting these claims is three months from the date of the hearing, or three months from December 12, 2012.

-If the bankruptcy plan is accepted at the aforementioned hearing, I am confident that this will be a new beginning for a healthy and promising Gredelj, and that our creditors will place their trust in us and provide new opportunities for us to work and prove ourselves- stated the bankruptcy trustee of TŽV Gredelj, Pero Hrkać.