Ingra has reported via the Zagreb Stock Exchange that all company accounts have been unblocked as of today, and a Decision to open the bankruptcy settlement procedure has been made.
As previously reported, the settlement council of the Financial Agency (Fina) opened the pre-bankruptcy settlement procedure for Ingra on August 27, and called the first pre-bankruptcy hearing for October 11.
Ingra submitted the proposal to open the pre-bankruptcy settlement procedure on April 18 of this year.
As reasons for the pre-bankruptcy settlement, in the documents submitted to Fina, Ingra cites account blockage, balance sheet discrepancies (discrepancies in cash flows of the Arena Zagreb project and obligations to creditors) and the inability to secure liquidity and reach an agreement with creditors on debt restructuring.
Ingra’s account has been blocked since May 2012, and the amount of the blockage as of March 31, 2013, is 179.8 million kuna.
Total liabilities stated in the revised balance sheet as of March 31 amounted to 860.7 million kuna, and total overdue liabilities with delays exceeding 60 days amounted to 630 million kuna.
