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The Government of the Republic of Serbia

In the service of citizens

Bankruptcy envisaged for 188 companies

Belgrade, 2 January 2015

Minister of Economy Zeljko Sertic said that out of the total of 512 companies that are looking for a new owner through the Privatisation Agency, 188 will go bankrupt, while the sale of around 90 has been suspended.

In an interview to Tanjug news agency, Seric said that this is envisaged by an action plan that should be adopted by the Serbian government, and added that around 5,000 people are employed in these 188 companies.

For those companies bankruptcy is more just a "legal formulation", the Minister pointed out, adding that the privatisation of these companies is not expected to drawn in big amounts of money.

According to him, most of these companies for a long time have not had any economic activity, and formally and legally they have not been shut down because we did not have the model and the way to do it. Now the declaration of bankruptcy is a way to shut down these companies that are giving us a negative balance, and in real life do not exist.

Sertic said that some companies will enter a pre-prepared plan of reorganisation so that they could possibly recover, which will be possible if the creditors accept such a model and a court decision is rendered on.

Some companies have a real opportunity to go back on the market in such a way, while for some of them that will be difficult. Our interest is to enable companies to work, he said.

Sertic explained that the privatisation of 90 companies has been suspended, that are either under litigation, or are in the process of being returned to a previous owner.