CZ/SK verze

TZV Gredelj: Company comes out of bankruptcy. Strategic partner from slovakia made a payment.

TZV Gredelj: Company comes out of bankruptcy. Strategic partner from slovakia made a payment.
photo: TZV Gredelj/TZV Gredelj
06 / 10 / 2021

The Railway Vehicle Factory (TŽV) Gredelj is going out of bankruptcy because its strategic partner - the Slovak company Tatravagonka, made the payment, which started the deadline within which Gredelj should pay each creditor, Gredelj announced.

Gredelj reminds that at the hearing held on July 15 this year, the creditors accepted the bankruptcy plan, namely the creditors of the first higher payment order with 100 percent of votes, and the creditors of the second higher payment order with 98.75 percent of votes.

In this way, the creditors expressed their satisfaction with the drafting of the bankruptcy plan and the envisaged methods of settlement.

"For all creditors of the 1st higher payment order, the assignment of the total determined claims in favor of the strategic partner is envisaged, with the payment of the assignment fee by the strategic partner in the amount of 49 percent of their amount, which payment will be made once in cash within 30 days from fulfilling the conditions to the account of the bankruptcy debtor, and the bankruptcy debtor will pay the corresponding amount of money to the account of each individual bankruptcy creditor no later than 15 days from the received payment ", it is stated.

Creditors of the 2nd higher payment order are provided with the assignment of the total determined claims in favor of the strategic partner, with the payment of the assignment fee by the strategic partner in the amount of 20.36 percent of their amount, which payment will be made once in cash within 30 days fulfillment of conditions on the account of the bankruptcy debtor, and the bankruptcy debtor will pay the corresponding amount of money to the account of each individual bankruptcy creditor no later than 15 days from the received payment.

Gredelj states that the conditions that need to be met for the strategic partner to make the payment are the validity of the Commercial Court's decision confirming the bankruptcy plan accepted by the creditors, and the statement of the bankruptcy trustee that all liabilities of the bankruptcy estate have been settled, except those provided for in the plan.

"As all the previously mentioned conditions have been met, the Strategic Partner has made the payment, and the deadline within which the bankruptcy debtor should make payments to the account of each individual creditor has begun," said TZV Gredelj.

Bankruptcy over Gredelj was opened on October 1, 2012, and the total reported claims of the 1st higher payment order for HRK 281.3 million and the 2nd higher payment order in the amount of HRK 619.4 million, ie a total of HRK 900.7 million.

The claims were reported by 2,004 creditors, and according to the amount of reported claims and the number of creditors, "this bankruptcy is considered one of the largest bankruptcies carried out in the Republic of Croatia," said TZV Gredelj.

They also remind that Tatravagonka stated in the offer for investment in TZV Gredelj in bankruptcy (September 2020) the amount of investment of 45 million euros and that under the decision of the creditors' meeting of 12 December 2012 and the offer of the Slovak company Bankruptcy Law, all for the sake of the sustainability of the continuation of business through the mentioned bankruptcy plan.

Gredelj also points out that production was kept for the entire period of the bankruptcy, which saved jobs. The company currently employs 400 workers and settles all obligations on time.

"It is especially important that the workers have confidence that it is possible to continue production and that it is possible to get out of bankruptcy while retaining production and jobs," reads the statement, which also quotes the statement of bankruptcy trustee Tomislav Đuričin, that it is possible to operate for many years during the bankruptcy proceedings as well as to get out of bankruptcy through a bankruptcy plan and further continuation of business while preserving jobs.

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