NEW HEAD ON BASIC RESTRUCTURING OF MAJOR CRO MEDIA CORPORATION

ZAGREB, Jan 7 (Hina) - The newly-appointed head of administration of Globus Grupa, a major Croatian media corporation, on Thursday held his first press conference in Zagreb. Basic restructuring would be carried out in the corporation's business in the next six months to retain only profitable activities, Brian Berry told reporters. Assessments would be made to see which of the corporation's current companies were capable of bringing in profit, while unprofitable property would be sold out, said Berry. He stressed air would be sold too were it to prove profitable. Berry announced his team would make very unpopular and unpleasant decisions in the restructuring of the company, which he said was facing a crisis. These decisions would include dismissals. Several had already been dismissed, and more would be, said Berry. The company employs some 8,000. Berry did not give exact data on the value of Globus Grupa's holding, nor on the corporation's debt. He did however confirm that debts were estimated at between DEM 800 million and one billion. Some parts of Globus Grupa had a negative value in relation to property, Berry said. He believed the corporation's crisis was the result of transition to market economy, bad business policy and business decisions, and the non-existence of business plans. Berry was appointed head of administration by Globus Grupa's administrative board in early December 1998. Former head of administration Miroslav Kutle had withdrawn from all managing duties. (hina) ha mm