ZAGREB, Sept 23 (Hina) - The Croatian Government on Thursday adopted measures for the financial reorganisation of "Belje" and "Vupik", two food processing firms in the war-ravaged parts of eastern Croatia. These measures account for a
total of DM105.8 million of the two companies' debts. Of this amount, DM71.28 million are owed by Belje and DM34.6 million by Vupik, Deputy Agriculture and Forestry Minister Drago Coric said after today's Government session. The measures envisage the writing-off and re-scheduling of debts as well as the exchange of shares and other methods. Explaining the adopted measures for the financial reorganisation of Belje, Coric said the company's debts included costs incurred during the peaceful reintegration of the Croatian Danube River region in 1997 and 1998 and costs incurred during this year. According to these measures, a total of DM41.17 million of Belje's debts
ZAGREB, Sept 23 (Hina) - The Croatian Government on Thursday
adopted measures for the financial reorganisation of "Belje" and
"Vupik", two food processing firms in the war-ravaged parts of
eastern Croatia. These measures account for a total of DM105.8
million of the two companies' debts.
Of this amount, DM71.28 million are owed by Belje and DM34.6 million
by Vupik, Deputy Agriculture and Forestry Minister Drago Coric said
after today's Government session.
The measures envisage the writing-off and re-scheduling of debts as
well as the exchange of shares and other methods.
Explaining the adopted measures for the financial reorganisation
of Belje, Coric said the company's debts included costs incurred
during the peaceful reintegration of the Croatian Danube River
region in 1997 and 1998 and costs incurred during this year.
According to these measures, a total of DM41.17 million of Belje's
debts would be written off for the years 1997 and 1998. The
company's war damage has been estimated at about DM350 million.
Different methods (writing off and rescheduling of debts and the
exchange of shares) have been envisaged for DM26.4 million of debts
incurred this year.
In the case of Vupik, the decision on the financial reorganisation
of the company represents the implementation of the Government
conclusions of June 4. The Government decision also envisages
different mechanisms of paying liabilities, including the buying
off of Vupik's loan with the Zagrebacka Banka (DM8.7 million) by the
Finance Ministry, the buying off of the company's loan for the
purchase of agricultural machinery and its obligations incurred
through the non-payment of health insurance contributions (DM3.8
million), Coric said.
(hina) rml