INSTITUT IGH d.d., with registered office in Zagreb, Janka Rakuše 1, PIN: 79766124714 (hereinafter: Company and/or Debtor) pursuant to item 35 of legally binding pre-bankruptcy settlement, in compliance with Article 79 of the Act on Financial Operations and Pre-Bankruptcy Settlement (Official Gazette of the Republic of Croatia 108/12, 144/12, 81/13, 112/13) hereby submits
REPORT ON FULFILMENT OF THE PRE-BANKRUPTCY SETTLEMENT PLAN
FOR THE PERIOD from 1 January 2020 to 31 March 2020
I As of the date of validly concluded pre-bankruptcy settlement and until the accounting period ending 31 March 2020, the Company met its obligations through cash payments, issuance of shares to convert a part of creditor claims to equity, through payment of priority claims and other employee claims with pertaining taxes and contributions and through write-off of obligations in accordance with provisions of the pre-bankruptcy settlement, i.e. it settled a total amount of
HRK 165.305.108,38
(in words: one hundred sixty five million three hundred five thousand one hundred eight kunas and thirty eight lipas)
of obligations incurred prior to the start of the pre-bankruptcy settlement proceedings.
II INSTITUT IGH d.d. concluded the pre-bankruptcy settlement on 5 December 2013, before the Commercial Court in Zagreb, 72. Stpn-305/2013. The concerned settlement came into force on 28 December 2013. The proof of the legal validity clause was received by the Company on 15 April 2014.
III The Company additionally entered into an agreement with creditors of category a) claims from credit operations secured by lien on the property of the Debtor or on the property of associated companies of the debtor by which the parties agree that the grace period for the repayment of the principal of the senior debt is extended by 18 months, and upon expiry of the grace period the repayment will be made in 13 semi-annual instalments, the first of which becomes due on 30 June 2017, and the last on 30 June 2023. In the grace period and the period of repayment of the senior debt, a fixed 4.5% interest is calculated and charged annually, in the manner defined by the Decision on the approval of the pre-bankruptcy settlement.
IV The Company settled the following claims in the concerned accounting period:
• An amount of HRK 9.800.000,00 to creditors of category a) - claims on credit securities secured rights on the Debtor's property or the assets of Debtor’s related companies
• An amount of HRK 40.000,00 to creditors of category b) - claims from other credit business without securing the pledging rights on Debtor’s assets
• An amount of HRK 721.726,70 to creditors of category f) - claims based on contracts signed with the Debtor for the purchase of goods or services in an amount exceeding HRK 1,333.33
Also, the Company settled the following claims from the end of the concerned accounting period until the date of this Report:
• An amount of HRK 300.000,00 to creditors of category a) - claims on credit securities secured rights on the Debtor's property or the assets of Debtor’s related companies
Until the date of this report, the Company has still not settled the interest due to creditors of category a) claims from credit operations secured by lien on the property of the Debtor or on the property of associated companies of the debtor and category b) claims from other credit operations without security by lien on Debtor's property in the total amount of HRK 11.286.307,88 and the installments of the Senior debt in the amount of HRK 37.133.301,81 that became due. The Company's Management is making the greatest possible effort to regulate relations with concerned creditors within a reasonable period of time and settle the mentioned obligations. The mentioned debt has not been settled for the Company's Management intent to settle the same amount by selling or replacing part of the company's assets under the pledge for the debts in question. The same is largely planned to be carried out during this business year.
V Further to the above mentioned, in the concerned accounting period until the date of this Report, the Company settled a total of:
HRK 11.176.155,04
(in words: eleven million one hundred seventy six thousand one hundred fifty five kunas and four lipas)
of obligations from the validly concluded pre-bankruptcy settlement.
VI At the reporting date, the Company has still not settled debts to creditors of category f) - claims based on contracts signed with the Debtor for the purchase of goods or services in an amount exceeding HRK 1,333.33 in the amount of HRK 196.549,64. These debts will be settled out of the current business as soon as possible.
VII The Company hereby declares that it has not undertaken any action that would lead to unequal position of its creditors.
Zagreb, 12 May 2020
INSTITUT IGH, d.d.
director Robert Petrosian
Source of information:
INSTITUT IGH, d.d.
10000 Zagreb, Janka Rakuše 1
Tel: +385 01 6125-789
Fax: +385 01 6125 415
e-mail: IR@igh.hr
web: www.igh.hr