TISAK TO UNDERGO BANKRUPTCY PROCEEDINGS

ZAGREB, Feb 15 (Hina) - At a proposal of the Croatian Government, bankruptcy proceedings will be conducted in Croatian greatest distributor of newspapers "Tisak", this is a decision based on a consensus at Tuesday meeting between representatives of the Government, Tisak, newspapers publishers, trade unions and other interested parties. However, the bankruptcy proceedings in Tisak do not mean that Tisak would discontinue its business activities, it means that Tisak employees would have greater security, guaranteed jobs, and publishers would have guaranteed distribution of newspapers, Vice Prime Minister Slavko Linic said. It is time that games about Tisak, which have been going on for over a year, stop, and it is also time that ultimatums set by banks stop. Therefore the Government, in order to protect Tisak employees and publishers, proposed a bankruptcy proceedings. said Linic. In bankruptcy proceedings, the business activities of Tisak are secured, and it is up to banks, publishers, creditors, and the state, as the greatest owner of Tisak, to agree on their claims. When asked why the Government did not implement a decision of the old Government on the financial reconstruction of Tisak, Linic said that the new Government did not need to implement unsuccessful programmes of financial reconstruction which would become a burden on tax payers. Tisak director Goran Maric, newspaper publishers, trade unions and all other interested parties that participated in today's meeting unanimously voted that the Government's proposal was the best solution. In this sort of arrangement, achieved with Linic, I believe that the bankruptcy proceedings would be the first positive step in the work of Tisak and publishers in the past year, said spokesman of the coordination of newspaper publishers. (hina) it mm