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BAMC Starting Sale of Claims

Ljubljana, 07 May (STA) - The Bank Asset Management Company (BAMC) is starting the sale of claims it has obtained from banks as part of the transfer of toxic assets by putting claims to the Aha furniture-through-clothing conglomerate on the chopping block.

As part of the first slated sale, the bad bank published a call for bids on Tuesday for claims to the companies Aha Plastik, Aha Emmi, Paron, Aha Mida and Aha Secaplast. Interested parties have until 13 May to submit offers, with the starting price set at EUR 10.9m for EUR 17m in claims.

BAMC has set the highest price as the leading criterion for choosing the buyer, with payment terms set as a tie-breaker in cases where two bidders offer the same amount. Companies making offers have to deposit a guarantee of EUR 500,000.

The first sale of claims by BAMC comes as somewhat of a surprise, writes the daily Dnevnik on Wednesday, as the bad bank had previously indicated it would generally enter into sales only after restructuring of companies involved was completed.

The paper points out that BAMC had filed in late April for debt restructuring at Aha Emmi, a maker of aluminium and steel products, as part of an effort to financially salvage the company which in 2012 generated revenues of EUR 42.4m and employed over 300 people.

It therefore speculates that the sale was launched because of the presence of a serious potential partner for the Aha Group.

The group controlled by lawyer Mojca Lukančič was previously in negotiations with a German group, which Dnevnik names as the Peacock Group. Talks with the group had focused on recapitalisation, as part of which Aha would be provided operating capital.

Lukančič said in April that a capital injection would be provided by 15 May. This would be in time to salvage clothing maker Aha Mura, which although not part of the sale of claims by the bad bank is currently facing receivership proposed by the Tax Administration.

A court is scheduled to decide on the debt restructuring motion for Aha Mura on 16 May.

According to Dnevnik, Peacock Group is most likely interested in the real estate holdings of Aha, which are valued at around EUR 58m in the 2012 annual report. The consolidated liabilities of the group are assessed at EUR 60m.

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