Ingra Successfully Exits Pre-Bankruptcy Proceedings, Long-Term Restructuring Completed

Ingra, a joint-stock company for engineering, construction, and energy, has received formal confirmation of the completion of the pre-bankruptcy settlement process based on the decision of the Commercial Court in Zagreb published on August 28, which is now final. As they announced, the formal deletion of the pre-bankruptcy settlement record is also the last remaining step in the process by which Ingra closes a decade-long chapter of financial burdens.

The new Management of Ingra, led by Danko Debanm, has conducted a comprehensive financial, operational, and personnel restructuring over the past four years. The most significant part of the financial restructuring was the purchase of 85 percent of the bond issues issued by the company Lanište, and throughout the entire process, ownership of the entire building of the Company’s headquarters has been preserved, and the PIK instruments from the pre-bankruptcy settlement, as well as numerous other obligations, have been fully regulated.

As part of the personnel restructuring, there has been a thorough personnel reorganization and significant cost reduction, while operational restructuring has led to the closure of a large number (over 20) of related companies, so the company now operates through a significantly simpler organization. Thus, alongside the parent company, Ingra d.d., there are only two related companies remaining. All financial obligations of Ingra are now long-term and fully aligned with long-term cash flows, and a vast number of lawsuits that the company has been involved in are now regulated, mostly amicably. One of the key priorities of the Management is, they say, good corporate governance.

– It is extremely important for us to align our operations with the best examples of good corporate practice, which is ultimately reflected in the Annual Report of Hanfa on corporate governance, where Ingra ranks at the very top in terms of compliance with the Corporate Governance Code in the Regular Market. In addition, we have directed significant efforts in the past period towards relations with shareholders and the investment public, and we will continue to do so, emphasizes Deban, adding that it is precisely the shareholders and investors who have recognized numerous significant changes, as evidenced by the continuous growth of the company’s market value.

Currently, they say, they are strongly focused on the development and realization of new projects. Alongside engineering and infrastructure projects as their traditional areas of operation, the company plans an additional step towards green transition and Scandinavian-type urban development. Thus, in the last quarter of this year, the start of construction of a solar power plant in Ivanić Grad is planned, while in Mokošica near Dubrovnik, the construction of a residential-business facility is being prepared, which will be affordable while simultaneously ensuring a better living space for young families.