The hotel company, headquartered on the island of Hvar, recalls in a statement it released today on the Zagreb Stock Exchange that it borrowed HRK 7 million from its majority owner -- Orco Property Group -- to be able to pay salaries to its employees after the Tax Authority blocked the company's bank account on 30 July.
The account was unblocked on 9 August.
In response to some media reports which Siuncani Hvar dismissed as false, the company today reported about the total amount and structure of its debt, concluding with 30 June 2010.
On 30 June, the total debt of this company came to HRK 587 million, with long-term liabilities accounting for HRK 323 million, and short-term liabilities HRK 264 million.
The company has in the meantime cut its debt by HRK 20 million.
It reported that it was conducting intensive negotiations with commercial banks on restructuring of its debt.