Postponed hearings for Dalekovod

The Settlement Council of the Financial Agency, which is conducting the pre-bankruptcy settlement procedure for Zagreb’s Dalekovod, has postponed the hearing for the determination of claims and the hearing for voting on the financial restructuring plan of Dalekovod, which was scheduled to take place on Tuesday, February 19, and new hearings have been scheduled for a week later, on February 26.

The first examination hearing for the determination of claims in the pre-bankruptcy settlement procedure for Dalekovod was held on February 5, but at that hearing, the Settlement Council decided that the determination of claims would continue at the next hearing, as the present creditors raised their objections to the table of established claims.

According to the minutes from that hearing, the creditors’ objections mainly relate to the amount of the reported, established, or disputed claims, as well as incomplete or incorrect names and the incorrect classification of creditors among secured or unsecured creditors, and to priority claims that will not be settled in this procedure.

Considering the creditors’ objections, the Settlement Council concluded that there are no conditions for continuation and decided that the continuation of the hearing for the determination of claims, together with the hearing for voting on the financial restructuring plan of Dalekovod, would be held on February 19.

With today’s conclusion, the Settlement Council has set the new date for these hearings to February 26, with the explanation that the deficiencies in the mentioned table have been rectified, and the hearing cannot be held on February 19.

Dalekovod has stated that on that day the final amount of claims will be determined, and creditors will be able to vote on the proposal for financial and operational restructuring proposed at the opening of the pre-bankruptcy settlement procedure.

In the event that the necessary majority of creditors does not agree with the proposed plan, a new hearing will be scheduled, at which the majority of creditors, with a total of 51 percent of total claims, will be able to propose their settlement proposal.

Along with today’s conclusion of the Settlement Council, a table of established claims and tables of secured and unsecured creditors were attached, showing that the largest claims, amounting to approximately 1.5 billion kuna, were reported by domestic and foreign banks, among which the largest claims were reported by Zagrebačka banka (470.5 million kuna), Privredna banka Zagreb (310.3 million kuna), and Societe General – Splitska banka (250.5 million kuna).

More than 200 million kuna in claims (205.12 million kuna) was reported by the Croatian Bank for Reconstruction and Development, while the Ministry of Finance reported Dalekovod’s debt amounting to more than 19.66 million kuna.