ZAGREB, Feb 21 (Hina) - The Zagreb-based Commercial Court on Monday launched procedures of bankruptcy over "Tisak", the biggest newspaper distributing company in Croatia. The trustee in bankruptcy is Rene Valcic, the court's head
Vesna Buljan said. The court has to date obtained necessary data and information. The capital base of this company amounts to some 150 million kuna ($20 million), while its debt is considerably larger. The situation is totally clear, and this is a typical case of insolvency and excessive indebtedness, Buljan added. Despite the bankruptcy procedures, Tisak will continue working. Contracts with employees will not be broken off and salaries will be paid off regularly. Obligations toward publishers and distributors will be met normally, she said. The management's chairman, Goran Maric, said he and the company's workers will cooperate with the bankruptcy commissioner.(hina) ms
ZAGREB, Feb 21 (Hina) - The Zagreb-based Commercial Court on Monday
launched procedures of bankruptcy over "Tisak", the biggest
newspaper distributing company in Croatia.
The trustee in bankruptcy is Rene Valcic, the court's head Vesna
Buljan said.
The court has to date obtained necessary data and information. The
capital base of this company amounts to some 150 million kuna ($20
million), while its debt is considerably larger.
The situation is totally clear, and this is a typical case of
insolvency and excessive indebtedness, Buljan added.
Despite the bankruptcy procedures, Tisak will continue working.
Contracts with employees will not be broken off and salaries will be
paid off regularly. Obligations toward publishers and distributors
will be met normally, she said.
The management's chairman, Goran Maric, said he and the company's
workers will cooperate with the bankruptcy commissioner.
(hina) ms