Badel 1862 today issued a warning regarding the denial from Viro Sugar Factory d.d. about participation in the alleged consortium interested in investing and acquiring ownership stakes in that company. Based on that denial, Badel 1862 provided a media statement which we present in full:
In a letter from the law firm Uskoković and partners d.o.o., which introduced itself as the representative of the consortium St. Nicolaus – trade a.s., Bratislava, and Viro Group, we find it necessary to point out that Viro Sugar Factory d.d. on November 22, 2016, in accordance with the Capital Market Act, notified the investment public (which was published on the Zagreb Stock Exchange) from which it is evident that Viro d.d. participates in the pre-bankruptcy settlement procedure over Badel 1862 d.d. exclusively as a creditor of the Company, and not as a subject involved in “the race that will be held for the purchase of claims of Badel’s creditors” and that Viro’s interest consists in the highest quality and most efficient restructuring of Badel 1862 d.d. Attached we provide for your information the relevant notice from Viro Sugar Factory d.d. dated November 22, 2016.
In relation to the above, we indicate that the credibility of the content of the letter from the law firm Uskoković and partners d.o.o. dated November 23, 2016, is questionable, for the reason that the mentioned law firm did not attach proof of the very existence of the “consortium” for which the law firm Uskoković and partners d.o.o. states it has authorization to represent. Furthermore, the law firm Uskoković and partners d.o.o. did not provide a power of attorney as proof of legitimacy for representing the so-called consortium St. Nicolaus – trade a.s. Bratislava and Viro Group.
We point out that the credibility of the content of the letter from the law firm Uskoković and partners d.o.o. dated November 23, 2016, is questionable, for the reason that the mentioned law firm did not attach proof of the very existence of the “consortium”
In addition to the lack of authorization to which we point out, and the fact that the existence of the named consortium is questionable, we further find it necessary to indicate that the relevant letter contains a number of untruths and inaccurate data.
What is most important to highlight is that in the process of collecting offers for the selection of a strategic investor who will participate in the implementation of financial and operational restructuring measures of Badel 1862 d.d. within the pre-bankruptcy settlement procedure, an offer from the consortium referred to in the relevant letter was never received.
Likewise, the statements from the relevant letter of the law firm Uskoković and partners d.o.o. regarding the status of the Company, the alleged lack of transparency in the process, bias, favoritism, and non-compliance with legal provisions in this process, are not accurate and as such cause damage to the Company and the interests of the Company, following which the Company will take appropriate legal actions.
The Company has throughout the entire process informed all relevant state bodies and institutions, as well as the investment public, about all essential facts in the process.
Once again, we want to emphasize that the entire process of selecting a strategic investor for Badel 1862 d.d. was conducted based on prior consultations and obtained approvals from relevant state bodies and institutions, as well as firmly established and agreed criteria and conditions for submitting offers and selecting investors, and besides that, the Company has throughout the entire process informed all relevant state bodies and institutions, as well as the investment public, about all essential facts in the process.
In the given circumstances, we emphasize that we will, as always, continue to act solely in the interests of the Company, and will intensively continue negotiations with creditors as well as the implementation of all necessary activities aimed at concluding the pre-bankruptcy settlement process and achieving capital adequacy, as essential conditions for ensuring the long-term viability of the Company, it is concluded in the media information sent by Badel 1862.
