The lit Lit Lit property of Lit Lit is Litjska basket Ljubljana LTH castings will be purchased. About 73,000 square meters of property will be deducted from 11.5 million euros, which will be paid for 4.5 million euros. Furs will receive a refund of contributions from ordinary Litostroj steel workers and receive 7 million DUTBs.
& # 34;New buyers of LTH Castings have bought Litostroj real estate. With a purchase price of 11.5 million euros, the amount of the creditors will be paid, as well as the payment of workers' contributions. In addition, 200 jobs and company's industrial culture are maintained, & # 34; The Bank Charges Management (DUTB) was registered.
11.5 million euros will be directed in the Financial Management of the Republic of Slovenia (Furs) or 4.5 million euros. Litostroj Steel's employees' and old-age contributions will pay almost all of these payments and the DUTB will receive seven million euros. Bad banks are happy, it's more than "even more", as if you were in a negative impact on your account as if it were in a situation "# At the same time, there would be additional costs.
The DUTB received its claim in October 2014 from Abanka. As they say, there were also all the measures that had to be taken to restructure the family and enable them to be in the future.
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"The new buyers LTH Castings bought all the property of Litostroj Steel. With a purchase price of 11.5 million euros, most of the creditors will be charged, as well as unpaid contributions to employees. In addition, 200 jobs and company's industrial culture are maintained, "They have written the Bank Charges Management (DUTB).
11.5 million euros will be directed in the Financial Management of the Republic of Slovenia (Furs) or 4.5 million euros. The reimbursement of the contributions of ordinary and older workers to Litostroj Steel will be paid almost completely and the DUTB will receive seven million euros. The bad banks are happy, that is to say, much more than in the case of the insolvency, the decreases in the amounts obtained would be more pronounced and, at the same time, additional costs would be.
DUTB received its corporate receivables in October 2014 from Abanka. As you can see, at this time, all the measures used to restructure the company have been implemented and could be carried out in the future.
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& # 34;The main purpose of the restructuring of the company was to stabilize the business and then to sell it to the right investor. Due to the different interests of the interested parties, sales of the company could not be made. As a result, the only option for the conservation of production was the transfer of assets, since the value used was significantly higher than the liquidation., & # 34; They wrote in the DUTB.
First potential investors & # 160;
In the transfer of the claims of the DUTB, Litostrojen Steel Settlement was almost over. Immediately after the final liquidation, the company has demonstrated that it has no complicity or non-materiality. Due to customer deficiencies and negative cash flows, DUTB is the only one that does not want to sell your business.
In February 2015, DUTB participated in the sale and payment of its quota. In April 2015, the creditor received the potential of a potential investor, but due to the dissatisfaction with the creditor's credit, it was not accepted. After completing additional negotiations, in August 2015, in August 2015, the investor sent financial guarantees to financial donors to buy receivables and business portfolios. I was forced to review the certificate diligence, and the purchase was withdrawn in November 2015.
During the period of time, the company acquired additional orders, with the help of the removal of the burden of the past, the DUTB has developed an alternative scenario with the company: "all" with the company's # 382 liquidation funds, the company returns all debts and, for that purpose, finances the business. The goal was to stabilize the business and later sales. & # 34;In addition, most of the risks would be borne by the DUTB, only if the situation was at stake in your home. For this scenario, there was no consensus, so the DUTB company gave all the options for restructuring., & # 34; They explained the DUTB.
Then, in 2017, the German investor showed a great deal of interest, but later credentials (Furs' passport, full payment, with default interest) and uncertainty were diverted to purchase.
Repeated forced settlement & # 160;
According to the DUTB, since the start of the first compulsory settlement in 2014, the company has not been able to pay contributions to its employees, thus increasing the liabilities of the contributions. At the end of 2017, the company concluded that the only possible guarantee of the contribution and the maximum return of the creditors was repeated compulsory liquidation. Its purpose was to rent and lease assets of the company. The company has sold real estate and machines; The tenant continues production in this location. In this regard, they also maintained a certain number of employees, which they explained in the DUTB.
Litostroj steel was sold in October, in October, according to the financial restructuring program, once again according to mandatory liquidation. After making the reports, Delo LTH Castings was the only supplier. This Ljubljana industrial plant has a plant.
As in the middle of November, the librarian wanted to focus part of the region on its activities, and in the latter he kept Litostrove production, which is now rented by the rest of the population. Tekoma and Litostroj Margu & # 269; Foundry company would be unique. LTH Castings, which acquired 13 directors in 2009, produces automotive parts, but Litostroi, turbines and steel foundries is not interested.
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"The company's main objective was to stabilize the business and then sell it to the right investor. Due to the different interests of the interested parties, the sale of the company was impossible. As a result, the only option for the conservation of production was the transfer of assets, and the liquid ones were significantly higher than the liquidation., "They wrote in the DUTB.
He retired from purchasing the first potential investors
When transferring claims to the DUTB, Litostrojen Steel Settlement was almost over. After compulsory settlement is required, the company has failed in its continuous operations and it is impossible. Due to the lack of payments and the negative cash flows, the DUTB evaluated the possibility of preventing the sale balance.
In February 2015, DUTB began its sales and participation process. In April 2015, the creditor received an offer of a potential investor, but due to the dissatisfaction with the creditor's credit, it was not accepted. After completing additional negotiations, in August 2015, the investor offered a better individual offer of financial creditors to buy receivables and business shares. He started executing firmness rigorous and retired in November 2015.
According to the offensive period, the company was able to get new guidelines to start overcoming burdens, the DUTB has developed an alternative scenario with the company: fresh liquid assets deposit, state guarantee that the company finances real-time debt and new capital work capital. The objective was the stabilization of businesses and subsequent sales. "At the same time, most of the risks that the DUTB would assume should be in a state of danger, in the case of bankruptcy. Unfortunately, consensus was not achieved in the aforementioned situation, so DUTB has exhausted all the restructuring options"They explained in the DUTB.
Subsequently, in 2017, a German investor showed interest, but later, due to the large expectations of the creditors (Furs demanded payment of all interest payments with full repayment) and uncertainty was diverted from the purchase.
Compulsory recurring settlement
According to the DUTB, since the start of the first compulsory liquidation in 2014, the company has not been able to pay workers' contributions, and therefore the liabilities of the contributions have increased. At the end of 2017, the company concluded that the payment of the contributions and the only possible guarantee of the maximum repayment of the creditors was the repeat of the liquidation. The purpose was to rent assets and sell company assets. The company has succeeded in real estate and machinery; The tenant continues production in this location. In this way, they also maintained a certain number of employees in the DUTB.
Litostroj Steel began selling in October of the restructuring of property financing program, in the context of mandatory renewed liquidation. According to Delo, the only bidder was LTH Castings, already in an industrial factory in Ljubljana.
As of mid-November, the LTH portion of the area was intended to expand its activities, and in the latter, Litostro continued to maintain its production, while maintaining Tekoma and Litostroj, the Margin's foundry family rental. LTH Castings, which acquired 13 directors in 2009, produces foundries in the automotive sector, but Litostroi's activity, which produces turbines and steel foundries, is probably not interested.