The Settlement Council of Fina has today made a decision to initiate the pre-bankruptcy settlement procedure for the textile company Varteks d.d. from Varaždin.
After the Management of Varteks submitted a request for the initiation of the pre-bankruptcy settlement on November 20 of last year and supplemented all necessary documentation within the stipulated time, the Settlement Council assessed that all necessary conditions were met and granted the request.
According to the decision published today, all creditors, except for creditors with priority claims, are invited to submit their claims within 30 days, with the first hearing scheduled for March 19 at the Congress Hall of the Zagreb Fair.
The Council also made a decision, confirming the appointment of Antun Mišanović as the commissioner for the pre-bankruptcy settlement. According to him, around 1000 creditors are expected at the hearing on March 19. Based on the information I have, I am very optimistic about reaching an agreement with the creditors and I believe that most of them will accept the terms of the settlement, Mišanović told Hina.
He explained that the creditors are divided into three groups – the state, whose claims are among the largest, financial institutions and banks, and other creditors. For the settlement to succeed, 50 percent plus one creditor must decide in favor of the settlement in each group.
