Wednesday, 16. August 2017.
Adopted new Pre-packed Reorganization Plan – HIP-Petrohemija without outstanding debts
Today Commercial Court in Pancevo has made a decision on adoption of Pre-packed Reorganization Plan for HIP-Petrohemija by which it is stipulated that all the remaining claims of creditors accrued by January 31, 2017 will be partially converted into the capital of Petrohemija, and partially written-off.
„By adoption of Pre-packed Reorganization Plan completion of financial restructuring of the company and stable business in the future have been provided.The creditors have converted 52,3 % of total claims,while 47,7 % have been written- off,so that the issue of the old debts has been solved. HIP-Petrohemija has a stable operating and is generating positive business result,and all the current obligations are reqularly settled.After the PPRP realization the Republic of Serbia and connected persons will be the owners of about 76% of shares,while NIS (Oil Industry of Serbia) and Lukoil will be the owners of the rest 24% of shares.We are expecting that the measures stipulated by PPRP will be realized within a short period,and by the end of the year the latest“ – said Velimir Unkovic,Director General of HIP-Petrohemija.
By making a new PPRP a big step has been made towards the long-tem solution of the company’s status on which the Management of the company is intensively working together with the Government of Republic of Serbia.Having in mind the strategic position of HIP-Petrohemija as the greatest producer of petrochemical products,one of the most importatnt exporters,clean balances,as well as positive business results which the company has been realizing during the last two and a half years,we think that investments in development are the basic condition for reaching long-term sustainable operating of Petrohemija.