Sloboda Aparati Cacak declared bankrupt

This Friday, July 6, 2018, the first hearing was held at the Commercial Court of Cacak where a part of the claims towards the bankruptcy debtor Sloboda Aparati was determined. The next hearing is scheduled for October.

The court recently declared Sloboda Aparati bankrupt and ordered the bankruptcy supervisor to start monetizing the bankruptcy estate in order to settle the creditors’ claims. The bankruptcy of this home appliances factory, where the production stopped back in 2005, was declared as no authorized person had submitted a reorganization plan for the bankruptcy debtor within the 90-day period proscribed by law.

The salvage value of the facilities in Pridvorica and Ljubic, including land, equipment and other property, is RSD 313 million, but RSD 175 million is encumbered by secured and pledge claims.

On the other hand, the liabilities of Sloboda Aparati, according to the estimate from the first economic-financial report on the state of the bankruptcy debtor, amount to at least RSD 1.452 billion. It is assumed, however, that the creditors’ claims, including interest, are considerably larger and that they are yet to be determined in court.

Among the creditors are the largest military industry company in Serbia, Sloboda, with RSD 636 million, the Tax Administration (RSD 237 million), Elektrodistribucija Cacak (RSD 200 million) and former workers owed RSD 175 million in 14 salaries. The bankruptcy proceedings were initiated at the factory on December 28, 2017, due to an uninterrupted account blockage of 1,097 days for the amount of RSD 335 million. At the time, it had only two employees, both in managerial positions, whereas around 400 workers had been taken in by Sloboda in the preceding years.

Sloboda aparati a.d. Čačak

Sloboda a.d. Čačak

ELEKTRODISTRIBUCIJA ČAČAK

Sloboda Aparati Cacak

Sloboda Cacak

Tax Administration Cacak

Elektrodistribucija Cacak

home appliances factory Sloboda Aparati

Sloboda Aparati bankruptcy proceedings

bankruptcy proceedings in Sloboda Aparati

Sloboda Aparati bankruptcy

Commercial Court of Cacak

reorganization of Sloboda Aparati

electric stoves

gas stoves

vacuum cleaners

cookers

pumps

Sloboda Aparati facilities in Pridvorica

Sloboda Aparati facilities in Ljubic

Pridvorica

Ljubic