Q:
A:
Privatisation only solution for ''IMR", "DMB" and "Rekord"
Belgrade,
28 January 2005
Serbian Minister of Economy Predrag Bubalo said that the three largest companies from Rakovica, "Rekord", engine factory “IMR”, and “21. Maj” (DMB), must be privatised this year, as this is the only solution for their survival.
Predrag Bubalo
Author:
Tanjug
At today's meeting with directors of these three companies and Rakovica's mayor, Bubalo said that the companies were on a list of 67 large enterprises that need to be restructured prior to privatisation.
He indicated that if the financial advisor finds complications in the situation, there will be a need for work force reductions, spin-offs and the writing off of debts. However, if no other measure is effective, the company will have to be placed in receivership.
The Serbian government will help these companies to prepare for privatisation and in receiving debt forgiveness, but not in the search for buyers, Bubalo said.
The Minister explained that factory management holds the responsibility for finding a buyer, and that to date, preparations for the privatisation of the "Rekord" tire factory are the most complete.
Director of the Privatisation Agency Restructuring Centre Ivan Lujanovic expects that as early as March this company will be put up for sale and reminded that nearly all ownership issues have been resolved at the "Rekord" factory, as the creditors have accepted to settle their claims through funds gathered by the sale of the factory.
The Economy Minister noted that the Bankruptcy Law will come into force on Tuesday, February 1, and that the Serbian Assembly will discuss changes to the Law on Privatisation during the first ten days of February.
He indicated that if the financial advisor finds complications in the situation, there will be a need for work force reductions, spin-offs and the writing off of debts. However, if no other measure is effective, the company will have to be placed in receivership.
The Serbian government will help these companies to prepare for privatisation and in receiving debt forgiveness, but not in the search for buyers, Bubalo said.
The Minister explained that factory management holds the responsibility for finding a buyer, and that to date, preparations for the privatisation of the "Rekord" tire factory are the most complete.
Director of the Privatisation Agency Restructuring Centre Ivan Lujanovic expects that as early as March this company will be put up for sale and reminded that nearly all ownership issues have been resolved at the "Rekord" factory, as the creditors have accepted to settle their claims through funds gathered by the sale of the factory.
The Economy Minister noted that the Bankruptcy Law will come into force on Tuesday, February 1, and that the Serbian Assembly will discuss changes to the Law on Privatisation during the first ten days of February.
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