ZAGREB, April 22 (Hina) - The management of the largest Croatian newspaper distributor "Tisak", whose workers are on a general strike, on Thursday proposed a new programme of the company's financial rehabilitation. Chris Bojanovic,
head of the "Tisak" management, asked representatives of the strikers' committee to temporarily stop the strike if they find the new rehabilitation plan acceptable. Bojanovic also asked the Government and the Office of the President of the Republic to support the plan. Four Croatian dailies did not hit news-stands today and regional newspapers could not be bought in Zagreb due to the strike. "Tisak" workers started the strike on Wednesday afternoon because an earlier rehabilitation programme, proposed by the Government, was not implemented. The Government adopted a decision on the financial rehabilitation of "Tisak" three weeks ago, however, a consortiu
ZAGREB, April 22 (Hina) - The management of the largest Croatian
newspaper distributor "Tisak", whose workers are on a general
strike, on Thursday proposed a new programme of the company's
financial rehabilitation.
Chris Bojanovic, head of the "Tisak" management, asked
representatives of the strikers' committee to temporarily stop the
strike if they find the new rehabilitation plan acceptable.
Bojanovic also asked the Government and the Office of the President
of the Republic to support the plan.
Four Croatian dailies did not hit news-stands today and regional
newspapers could not be bought in Zagreb due to the strike.
"Tisak" workers started the strike on Wednesday afternoon because
an earlier rehabilitation programme, proposed by the Government,
was not implemented.
The Government adopted a decision on the financial rehabilitation
of "Tisak" three weeks ago, however, a consortium of six Croatian
banks, which are mostly owned by the state, has still not met the
commitments it has taken over, nor has the Croatian Privatisation
Fund (HFP) issued a statement on changes that have been carried out
in the ownership structure of the company, to be taken over by the
above-mentioned consortium. The consortium was to secure a minimum
of US$5 million of working capital and guarantee the provision of
"Tisak" news-stands with tobacco products.
According to the new rehabilitation programme, proposed by the
"Tisak" management, all claims of "Tisak" creditors would be frozen
for 18 months, except for the claims of publishers and employees.
All "Tisak" shares would remain at the HFP. Banks-creditors would
collect their claims from the "original debtors", and the
difference they fail to collect from the debtors would be collected
from "Tisak", which would considerably decrease the company's
credit commitments.
The plan also envisages the provision of tobacco products from the
Rovinj Tobacco Factory (TDR), since "Tisak" cannot make trade which
could justify the company's business without tobacco products.
Within 18 months, "Tisak" would be reorganised and the company
would find an investor who would be able to secure its permanent
stabilisation.
"Tisak" is part of the Globus grupa, owned by Miroslav Kutle.
(hina) jn rml