Adria Polymers Acquires Land from Dina Petrokemija

The company Adria Polymers has paid 17.5 million kuna for approximately 266,000 square meters of land in the Dina Petrokemija complex in Omišalj, prompting the Rijeka Commercial Court to determine on Friday that the land, which belonged to the company Piros in bankruptcy, be handed over to the new owner.

Piros, along with Ćuf, is one of the subsidiaries of Dina Petrokemija. It owned approximately 266,000 square meters of land in the Dina complex, which was sold to Adria Polymers in enforcement proceedings.

>>>In a month, the first public auction of land from Dina Petrokemija valued at 400.7 million kuna

About 300,000 square meters of land, where the construction of a land-based LNG terminal was planned, is owned by Ćuf. The bankruptcy proceedings for Ćuf were opened in mid-March at the Commercial Court in Zagreb, and the examination and reporting hearing is scheduled for June 6.

Land from Dina Petrokemija in bankruptcy is also being sold, and the first public auction for about one million square meters of fenced land from Dina will take place at the Commercial Court in Rijeka on April 25, with an estimated value of 400.7 million kuna.

The value of the property, which consists of several smaller parcels and on which 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.

>>>Sale of about one million square meters of land from Dina Petrokemija coming soon

The secured creditors of Dina Petrokemija are Gasfin, which owns Adria Polymers and has purchased the claims of the Austrian bank against Dina, as well as HBOR, the Republic of Croatia, HEP Supply, and HEP ODS.

Bankruptcy proceedings against Dina Petrokemija were opened in July 2015 and were 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.