ZAGREB, March 31 (Hina) - Croatian Privatisation Fund (HFP) officials on Friday held a meeting with representatives of the management of Croatia's largest chain of stores 'Nama', an association of small shareholders, and union
representatives. It was agreed that the 'Nama' management and unions should in the next ten days draw up a new programme of restructuring, i.e. try to reach agreement with some of the firm's creditors and larger partners and suppliers so that Nama's obligations toward the Privredna Banka Zagreb and other creditors are taken over. The HFP agreed to allow the Nama management to postpone bankruptcy proceedings (if the management reaches agreement with its new partners and presents it to the HFP within some ten days) and consider the possibility of resolving the current situation by selling its share in Nama under special conditions or by proposing a bankruptcy p
ZAGREB, March 31 (Hina) - Croatian Privatisation Fund (HFP)
officials on Friday held a meeting with representatives of the
management of Croatia's largest chain of stores 'Nama', an
association of small shareholders, and union representatives.
It was agreed that the 'Nama' management and unions should in the
next ten days draw up a new programme of restructuring, i.e. try to
reach agreement with some of the firm's creditors and larger
partners and suppliers so that Nama's obligations toward the
Privredna Banka Zagreb and other creditors are taken over.
The HFP agreed to allow the Nama management to postpone bankruptcy
proceedings (if the management reaches agreement with its new
partners and presents it to the HFP within some ten days) and
consider the possibility of resolving the current situation by
selling its share in Nama under special conditions or by proposing a
bankruptcy programme with reorganisation.
The next meeting of the Nama management and union representatives
should be held in two weeks.
(hina) rml