Adria Polymers buys one million square meters of land from Dina Petrokemija

The company Adria Polymers from Rijeka has been awarded approximately one million square meters of fenced land from Dina Petrokemija in bankruptcy by a ruling of the Commercial Court in Rijeka on Friday, for which the company offered 194 million kuna at a recent public auction.

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The court determined that the buyer, Adria Polymers, who is settled from the purchase price before other creditors, is exempt from depositing part of the purchase price amounting to 170.3 million kuna and must deposit a purchase price of 23.6 million kuna, and if it fails to do so, the court will declare the sale invalid.

At the first public auction for about one million square meters of fenced land from Dina Petrokemija in bankruptcy, which was sold at an estimated value of around 400 million kuna, there were no interested buyers in April this year. The only company that met the conditions for offsetting the claim with the land price at that time was Gasfin, but its representatives did not attend the first auction.

The second auction, at which Gasfin’s company Adria Polymers made an offer and proposed an offset of the purchase price and secured rights for separate settlement, was held in June, and the land was then sold for half of the estimated value.

The ruling on the award of the property was made after the table of secured rights over the bankruptcy estate of Dina Petrokemija was amended so that instead of the secured creditor HETA Asset Resolution from Klagenfurt, Austria, a new secured creditor, Gasfin from Luxembourg, was entered. Heta Asset Resolution assigned all its corresponding rights, authorizations, and interests regarding claims against Dina Petrokemija in October 2017.

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Likewise, all corresponding rights, authorizations, and interests regarding the claim against Dina Petrokemija were assigned to Gasfin by the company H-Abduco from Zagreb last October, so Gasfin was also entered as a secured creditor in the table of various creditors instead of H-Abduco.

Gasfin, on June 14 of this year, transferred its claims as a secured creditor to Adria Polymers.

The secured creditors of Dina Petrokemija also include HBOR, the Republic of Croatia, HEP Supply, and HEP ODS.

The bankruptcy of Dina Petrokemija was opened in July 2015. The bankruptcy estate was not sufficient to settle the creditors, and the company was removed from the court register in September 2016.

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Part of the land in the Dina complex was owned by Dina’s companies – subsidiaries Piros and Ćuf. Approximately 266,000 square meters of land in that complex, which was owned by Piros, was sold to Adria Polymers in enforcement proceedings, while about 300,000 square meters of land where the construction of a land LNG terminal was planned is still owned by Ćuf, which is undergoing bankruptcy proceedings.