Creditors of Varteks Did Not Accept the Restructuring Plan

Creditors of Varteks did not accept the financial restructuring plan proposed by the Management at today’s pre-bankruptcy hearing, and a new plan will be proposed by the Ministry of Finance, which has been given a deadline of five days by the Settlement Council to submit it.

The results of the voting confirmed that the plan was not accepted, and according to the law, if the plan is not accepted, the procedure is suspended; however, exceptionally, the procedure will not be suspended if creditors whose claims constitute a majority of all established claims propose to submit a new plan, explained the Settlement Council.

Since the representative of the Ministry of Finance reported that the ministry wants to propose a new plan, the Settlement Council has given him a deadline of five days to submit the plan to the debtor, to which the debtor must respond within eight days.

If the debtor accepts this plan, it will be published on the website and a hearing will be scheduled for voting on the amended plan, they stated in the Settlement Council.

Varteks’ debts amount to 374.2 million kuna.

Miljenko Vidaček from Varteks stated that they attempted to request a postponement of the hearing today because a meeting with key creditors – banks and representatives of the Ministry of Finance – began at noon. However, since it was technically not possible to obtain a postponement due to legally defined procedures, the pre-bankruptcy settlement procedure will proceed, he emphasized, adding that he hopes it will be successfully implemented. He also expressed hope that the meeting with representatives of the banks and the state will be successful.

Martina Bradarić-Šlujo from Varteks also emphasized that the goal is to carry out the pre-bankruptcy settlement procedure, as it is a way for the company to continue functioning and for creditors to be paid. She expects that the secured creditors at today’s meeting will agree to the proposals they have already considered several times and that an agreement will be reached. She also mentioned that she expects a way to obtain the necessary credit for restoring liquidity to be determined.