VMD Standard and Ivamil Submit Binding Offer for RIZ Odašiljači

VMD Standard and Ivamil, companies owned by Željko Vučemil, have submitted a binding offer for the recapitalization of RIZ Odašiljači in bankruptcy after conducting a due diligence review of the distressed company. Vučemil’s companies, as a consortium of bidders, were the only ones to respond to the creditors’ public call for an increase in share capital, with the offer not allowed to be lower than 55.1 million kuna.

This amount was also offered by the consortium of bidders, which committed to pay it in a lump sum after the finalization of the decision on the confirmation of the bankruptcy plan, with a bank guarantee as security for the obligation. The bankruptcy trustee Darko Šket, who has also strongly advocated for the recapitalization model to pull RIZ Odašiljači out of bankruptcy, believes that the Creditors’ Assembly will positively respond to the binding offer and the Bankruptcy Plan. Namely, through the model of increasing share capital, all claims of secured creditors and bankruptcy creditors of the first higher payment order would be settled, as well as the corresponding claims of bankruptcy creditors of the second higher payment order and obligations of the bankruptcy estate, allowing production to continue.

Next, a hearing will be held regarding the adoption of the offer and the adoption of the bankruptcy plan of VMD Standard and Ivamil.

– The Creditors’ Assembly for making a decision on the acceptance of the binding offer and determining the deadline for submitting the bankruptcy plan proposal has been scheduled for June 17, 2021, at the Commercial Court in Bjelovar. The bankruptcy plan with similar content for decision-making will be submitted to the Court by June 30, 2021, after which the Court will set a date for the Creditors’ Assembly to decide on the adoption of the bankruptcy plan. Upon the finalization of the decision on the confirmation of the bankruptcy plan, all actions provided for in the implementation basis will be carried out, from settling creditors according to payment orders, and the Consortium of Bidders based on the investment in share capital in the amount of 55.1 million kuna will have the status of the sole member of the company. After that, the bankruptcy proceedings will be concluded, and the business of RIZ Odašiljači will continue in accordance with the business plan – said Šket.

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