The Center for Restructuring and Sale (CERP) announced that a contract has been signed with the Swiss company Immo Invest Partner, which has purchased three business shares, or one hundred percent of the equity of Club Adriatic for 54 million kuna.
The contract for the sale and transfer of shares of Club Adriatic was signed at the beginning of this week by the director of CERP, Milan Plećaš, and the chairman of the Management Board of Immo Invest Partner AG, Dzek Djoric, CERP reported on its website.
>>>CERP: Immo Invest Partner AG from Switzerland offered 54 million kuna for Club Adriatic
– This successfully completes the privatization process of Club Adriatic d.o.o. 17 years after it was established by the former Croatian Privatization Fund, the legal predecessor of CERP, with the intention of primarily converting former military resorts, hotels, and camps for tourism purposes, CERP emphasizes.
CERP began the sale process of Club Adriatic at the end of September last year by announcing a public call for expressions of interest in purchasing the company, and in that first round of collecting offers, it received 15 letters of intent.
>>>CERP initiated the process of 100% privatization of Club Adriatic
Potential investors who sent letters of intent were also invited to submit binding offers, which was ultimately done only by Immo Invest Partner AG.
This Swiss company offered 54 million kuna for the 100% stake in Club Adriatic, or 6.4 million kuna more than the starting price of 47.59 million kuna that CERP requested.
>>>15 interested in purchasing Club Adriatic, starting price 47.6 million kuna
A pre-bankruptcy settlement procedure was initiated for Club Adriatic in October 2014. However, the Commercial Court in Zagreb suspended the procedure for concluding the pre-bankruptcy settlement in early April 2016 until the final resolution of the administrative dispute initiated before the Administrative Court in Zagreb.
The governments of Zoran Milanović and Tihomir Orešković in the summer of 2015 and the summer of 2016 made almost identical decisions that the tourist company Club Adriatic d.o.o., based in Zagreb, would continue to manage tourist properties/companies – the Tourist Resort Perna with the Komodor Hotel and the camp in Orebić on Pelješac, the Hotel Hrvatska from Baška Voda on the Makarska Riviera, the Uvala Slana Camp with the apartment hotel Klub Vala in Selce near Crikvenica, and the Kupari Camp until October 31, 2016, and October 31, 2017, respectively.
>>>CERP: Hotels Makarska to Valamar, Jadran to ‘pensioners’, and a new tender for Maestral Hotels
The government explained the adoption of such decisions as “enabling the conclusion of the pre-bankruptcy settlement process and regulating the formal-legal status of the properties managed by Club Adriatic.”
In September last year, the Management Board of CERP decided on a new attempt to sell, and requested potential bidders to ensure in their binding offers that financial resources would be secured for Club Adriatic to settle all obligations under the pre-bankruptcy settlement and to satisfy all creditors whose claims were established in the pre-bankruptcy settlement process, as well as the priority claims of workers and the claims of Slatinska banka, which opted for separate settlement of claims as a secured creditor.
