ZAGREB, June 28 (Hina) - The Croatian Privatisation Fund (HFP) will suggest bankruptcy proceedings for 208 companies in which the state's share exceeds 25 percent, and for another 178 companies it will try to find solutions, HFP vice
president Kresimir Starcevic told reporters on Wednesday. Starcevic spoke about a review of the situation in 888 companies in which the state owns more than 25 percent of shares, conducted by HFP county offices. Shipbuilding industry and tourist companies were not included in the review. Conducting the review were representatives of the HFP, ministries, parliamentary representatives, and municipal representatives. Companies for which the HFP suggests bankruptcy proceedings employ 11,462 persons. These companies recorded losses amounting to 608 million kuna last year (their capital stock amounted to some four billion kuna). In case of these
ZAGREB, June 28 (Hina) - The Croatian Privatisation Fund (HFP) will
suggest bankruptcy proceedings for 208 companies in which the
state's share exceeds 25 percent, and for another 178 companies it
will try to find solutions, HFP vice president Kresimir Starcevic
told reporters on Wednesday.
Starcevic spoke about a review of the situation in 888 companies in
which the state owns more than 25 percent of shares, conducted by
HFP county offices. Shipbuilding industry and tourist companies
were not included in the review.
Conducting the review were representatives of the HFP, ministries,
parliamentary representatives, and municipal representatives.
Companies for which the HFP suggests bankruptcy proceedings employ
11,462 persons. These companies recorded losses amounting to 608
million kuna last year (their capital stock amounted to some four
billion kuna). In case of these companies, bankruptcy proceedings
mean saving 1.6 million kuna per day, Starcevic said.
Since the HFP cannot initiate bankruptcy proceedings on its own,
this will be done through the managements of those companies in
which the state's share exceeds 50 percent, or the HFP will suggest
to the Finance Ministry, which in most cases is the creditor of
those companies, to initiate bankruptcy proceedings, Starcevic
explained.
The 178 companies, which for the time being are not facing
bankruptcy proceedings, employ 31,581 persons. These companies are
generating losses amounting to 1.5 billion kuna. The criteria which
were taken into account in postponing bankruptcy proceedings in
those companies were for the companies to have a programme and a
market and pay wages regularly, and for the state to be their
biggest debtor.
The managements of those companies should suggest rehabilitation
or reorganisation programmes and inform HFP offices of them until
July 15.
If a programme is assessed positively, the HFP will provide
assistance in talks with the creditors regarding the possible
writing-off of debts as well as suggest the granting of loans for
the payment of wages for those companies which are operating but not
being able to pay the wages, Starcevic said.
(hina) jn rml