In a month, the first public auction of land owned by Dina Petrokemija worth 400.7 million kuna

The first public auction for approximately one million square meters of fenced land owned by Dina Petrokemija in bankruptcy will take place at the Commercial Court in Rijeka on April 25, with an estimated value of 400.7 million kuna, as announced by the Commercial Court in Rijeka.

According to the court’s conclusion on the sale, the value of the property, which consists of several smaller parcels where two once-significant plants are located that are no longer in production, will be finally determined at the auction hearing. However, the property cannot be sold for less than two-thirds of the determined value, i.e., not for less than 267.1 million kuna.

>>>Soon the sale of about one million square meters of land owned by Dina Petrokemija

The sale of Dina’s real estate was delayed for some time because roads in the area and water channels were registered in Dina’s ownership, but they were subsequently excluded, allowing the sale to commence.

By a decision of the Commercial Court in Rijeka at the beginning of March, the bankruptcy proceedings over the bankruptcy estate of Dina Petrokemija were resumed for subsequent division.

The secured creditors of Dina Petrokemija are Gasfin, which purchased the claims of an Austrian bank, followed by HBOR, the Republic of Croatia, HEP Supply, and HEP ODS.

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Dina Petrokemija had two subsidiaries – Piros and Ćuf. Piros owned approximately 266,000 square meters of land in the Dina complex, which was recently sold to Gasfin in enforcement proceedings, while about 300,000 square meters of land where the construction of a land-based LNG terminal was planned is still owned by Ćuf. Bankruptcy proceedings in Ćuf were opened in mid-March at the Commercial Court in Zagreb.

Bankruptcy over Dina Petrokemija was opened in July 2015 and suspended and concluded in June 2016, as the bankruptcy estate was insufficient to cover the costs of the proceedings. The company was removed from the court register in September 2016.