IGH has reported via the Zagreb Stock Exchange that the Settlement Council has issued a Decision on a temporary measure ordering Fina to cease enforcement and security proceedings initiated against IGH.
– The debtor IGH, a joint-stock company for research and development in construction, submitted a Proposal for the opening of pre-bankruptcy settlement proceedings on May 17, 2013, and on the same day a Proposal for a temporary measure. In the Proposal for a temporary measure, the debtor stated that it employs more than 700 employees and is one of the largest design, consulting, and scientific companies engaged in research and development in construction. Given the economic significance of the debtor and its role in the Croatian market, if the blockage of the debtor’s account continues, severe consequences would arise that would affect a large number of economic entities in the Republic of Croatia, as well as the debtor’s employees and their dependents. To prevent severe and irreparable consequences for the further regular operations of the debtor and the payment of salaries to employees, it is stated in the reasoning of the decision.
