Fina ordered the unblocking of Dioki’s accounts

The Settlement Council in the pre-bankruptcy settlement for the company Dioki has instructed the Financial Agency to suspend enforcement and security proceedings initiated against Dioki for 45 days and to allow the disposal of funds in its accounts, it was announced today from Dioki, from which it is learned that the company’s accounts have also been unblocked.

Dioki announced on the Zagreb Stock Exchange the decision on the temporary measure and the supplement to the proposal for opening the pre-bankruptcy settlement procedure, i.e., the conclusion inviting it to submit the missing documentation to the Settlement Council within 45 days.

The reasoning of the decision states that Dioki, in its request for the issuance of a temporary measure dated January 23, indicated that it employs 130 employees and that further blocking of accounts would prevent the commencement of polystyrene production, for which Dioki received a letter of intent from Crodux Plin for cooperation on a processing job basis and that an audit report is currently being prepared.

Considering these statements, the Settlement Council determined that further enforcement would cause irreparable damage to Dioki, its workers, and creditors, it is stated in the reasoning.

In mid-December last year, Dioki reported that it had received a letter of intent in which the company Crodux Plin from Zagreb expressed interest in cooperating with Dioki related to polystyrene production in the Doki branch and the development of new projects.

Crodux Plin is familiar with the technological and commercial potentials of the Company’s production facilities, and there is interest in starting production in the short term, immediately after the completion of negotiations and the signing of the cooperation agreement, as planned in Dioki’s operational restructuring plan, Dioki stated at that time regarding the received letter of intent from the strategic partner, the company Crodux Plin owned by retired General Ivan Čermak.

On December 28, Dioki submitted a request to Fina for the opening of a pre-bankruptcy settlement, and according to the data from that request, it then had 416 employees, while its total liabilities were slightly over one billion kuna.