GLOBUS GROUP AND DUBROVACKA BANKA REACH AGREEMENT ON DEBTS

( Editorial: --> 0778 ) ZAGREB, July 30 (Hina) - The Dubrovacka Banka and media house Globus Group signed an agreement in Zagreb on Wednesday which regulates the manner in which the ways and deadlines for the pay-back of Globus's debts to the bank are established. The agreement was signed with the cooperation of the State Agency for the Ensuring of Investments and Bank Rehabilitation (DAB). Under the agreement, the Dubrovacka Banka will demand back the debts under market and real conditions, and thus solve the problem of debts by the Globus Group, and additionally stabilise its business, the DAB said in a statement. The agreement was signed by the DAB director, Mladen Sunjic, Niko Koncul for the Dubrovacka Banka and Miroslav Kutle, majority owner of the Globus Group. Under the agreement, Globus Group is to pay back the bank interests on credits, compensation for guarantees and letters of credit, as well as other expenses by August 30. In order to pay back its debts, the Globus Group will transfer the stocks of the Slobodna Dalmacija joint stock company based in Split. Globus is to pay back current liabilities according to existing contracts or other legal transactions. In order to pay back the principal sum of current liabilities, Globus will sell its assets in the Split-Dalmatia County. The period to begin the sale is thirty days. The sources from the sale will be transferred directly to the Dubrovacka Banka. The deadline for the pay-back of all Globus's debts to Dubrovacka Banka is November 30, 1999. (hina) lml jn 301916 MET jul 98