The state protecting “Galenika” from bankruptcy – The company's debts exceed 200 mil EUR

(Photo: galenika.rs)

The extended deadline for applications for partnerships with that company is May 27, a few days before the pharmaceutical factory loses the state's protection from the enforced collection of claims.

According to “Novosti”, the creditors will not yet start enforcing debt payment. An agreement has been reached with the banking sector to pause the collection of claims, and with private procurers to restructure the debt.

Seven companies are interested in cooperating with “Galenika”, four of which are interested in taking over the management and 25% of the company, while the other three are considering similar ways of cooperation.

Galenika's biggest creditor is the state. “Srbijagas” and “Elektroprivreda” shouldn't start enforcing collection of claims, according to the Government's decision.

The tender for Galenika's strategic partner which will acquire 25% of Galenika ownership through capital increase, at the price of at least 7 mil EUR, started on April 4.

The owners of “Galenika” are the state (70%), equity fund (15%) and other shareholders (15%).

“Galenika” is one of the companies which are being restructured and their protection from creditors expires on May 31. That company's debts exceed 200 mil EUR.