Decision made about restructuring of "Petrohemija"

- The Administrative Board of HIP "Petrohemija" in Pančevo decided yesterday (June 1st, 2009) to start restructuring process in the company - said Slobodan Adžić, the Director General of that factory.

Adžić told Beta agency that the team would be made of the members of that Administrative Board, the Government, "Petroleum Industry of Serbia" and trade unions for the sake of creation of the restructuring programme in order for the production to be maintained.

Adžić said that, after the meeting of the Stockholding Assembly and new Administrative Board of the company, the Government's "clear intention" is to make it possible for "Petrohemija" to "repay its debts and resume the operations".

- The company has already eaten its capital and gone bankrupt, but it is obvious that the Government wants to help "Petrohemija" survive through restructuring and establishment of a strategic partnership - said Adžić.

Adžić said that "the team's first task will be to reduce danger from the collecting of 200m EUR worth of debts by creditors, as well as to reduce the debts through sale of certain parts of the company".

- The next step will be strategic partnership, but no sooner than the debts are cut to a bearable level - said the CEO of "Petrohemija".

Draft restructuring programme also anticipates reduction of salaries and dismissal of about 500 workers with severance pays.

During the today's meeting of the Stockholding Assembly and the Administrative Board of "Petrohemija", about 200 members of the Independent trade union were protesting in front of the factory gates and demanded revoking of the proposal for restructuring.