ANTIC: Bankruptcy proceedings, then sale of Azotara

Serbian Minister of Mining and Energy Aleksandar Antic stated on Tuesday, July 10, 2018, that, after the bankruptcy proceedings are carried out, Azotara Pancevo would be put up for sale in line with the law. According to him, this will enable potential new owners to relaunch the production in a more efficient way and without being burdened with old debts.

As the Ministry of Energy announced, Antic said that representatives of the government were in contact with the management of Azotara and representatives of the trade union, so that the necessary technological and ecological processes and the social program for the employees would be secured in the transitional period.

Antic said that the initiation of bankruptcy proceeding was part of the obligations towards the IMF, but that it was primarily a responsibility towards the citizens, considering that all the debts generated by Azotara would be paid from the budget.

He added that, even with all the attempts to increase the efficiency and reduce the costs of raw materials, Azotara failed to realize positive business results, which leads to greater debts, the failure to implement the PPRP and the generation of new losses by the end of the current year.

Ministarstvo rudarstva i energetike Republike Srbije

HIP-AZOTARA d.o.o. Pančevo

Međunarodni monetarni fond-MMF Beograd

Aleksandar Antic

PPRP for HIP Azotara

HIP Azotara bankruptcy proceedings

privatization of Azotara

sale of Azotara