Eucom buys HI Zupa for RSD 316 million – Production projected to start on January 9, 2017

The company Eucom, which had bought HI Zupa in bankruptcy, officially took over the Krusevac-based factory today. Eucom was the only bidder at the sale of HI Zupa in bankruptcy as a legal entity organized by the Bankruptcy Supervision Agency.

Considering that the RSD 316.2 million offer amounted to less than half of the estimated value of HI Zupa (RSD 1.5 billion), the same had to be approved by the Board of Creditors.

The goal of the purchase is to maintain and improve the production in HI Zupa facilities and initiate the production in those facilities where it hasn't been present, Eucom says.

The plan is to hire new workers in stages, depending on the demands of the current production and new projects. It is expected that Zupa might employ at least 100 workers by the end of 2017, and the production has been projected to start on January 9.

The bankruptcy proceedings were initiated in HI Zupa last July, two months after the expiration of the state's protection from the recovery of claims.

The company was privatized in 2003, but the contract was terminated two years later. Several unsuccessful tenders followed, and the restructuring procedure started in 2010. Throughout this period, workers were leaving the factory through social programs. Right before the bankruptcy proceedings were initiated, there were only 18 workers left of around 1,400 workers present at the beginning of the privatization.

Eucom d.o.o. Beograd

HI Župa a.d. Kruševac

Agencija za licenciranje stečajnih upravnika Beograd

Eucom Belgrade

HI Zupa

Zupa bankruptcy

sale of HI Zupa

privatization of HI Zupa

Bankruptcy Supervision Agency

Zupa Komerc