ZAGREB'S COMMERCIAL COURT DECIDES TO SELL SISAK'S IRONWORKS ZAGREB, Nov 9 (Hina) - The Zagreb's Commercial Court bankruptcy council on Friday passed a decision providing requirements for the entrance of a foreign strategic partner
into the Sisak Ironworks, which filed for bankruptcy with reorganisation September 8, 2001. The Slovakian ironworks Podbrezova and the Austrian-Russian company Turboimpex have been mentioned as the most serious candidates. The bankruptcy council entrusted the bankruptcy commissioner to immediately engage in the conversion of part of Sisak Ironworks property, which includes production facilities and supplies, into money. The property can be sold exclusively in its entirety. The strategic partner would be obliged to employ at least 1,700 workers, without decreasing their number in the following five years. The buyer would commit itself to invest EUR2.5 million in the plant's repair and equipment, and an additional
ZAGREB, Nov 9 (Hina) - The Zagreb's Commercial Court bankruptcy
council on Friday passed a decision providing requirements for the
entrance of a foreign strategic partner into the Sisak Ironworks,
which filed for bankruptcy with reorganisation September 8, 2001.
The Slovakian ironworks Podbrezova and the Austrian-Russian
company Turboimpex have been mentioned as the most serious
candidates.
The bankruptcy council entrusted the bankruptcy commissioner to
immediately engage in the conversion of part of Sisak Ironworks
property, which includes production facilities and supplies, into
money.
The property can be sold exclusively in its entirety. The strategic
partner would be obliged to employ at least 1,700 workers, without
decreasing their number in the following five years. The buyer
would commit itself to invest EUR2.5 million in the plant's repair
and equipment, and an additional EUR7.5 million in the plant's
modernisation by the end of 2002.
(hina) np