Business News

Istrabenz Plans EUR 44.5M Net Profit in 2010

Ljubljana, 09 March (STA) - Istrabenz, the indebted holding company, plans to sell assets worth about EUR 100m as part of a restructuring plan, which would result in a net profit of EUR 44.5m, the company said Tuesday.

In line with the plans, Istrabenz would cut its debt by EUR 85m this year. The holding's capital is expected to amount to EUR 73m at the end of 2010 and financial debt at EUR 364m.

In January, the Koper District Court approved a debt restructuring plan determining that Istrabenz must pay off EUR 470.9m worth of claims to its creditors by 31 December 2013.

The 2010 business involves the sale of real estate, financial investments and securities, as well as stakes in some subsidiaries.

The holding will also examine the possibility of selling off stakes in all of its subsidiaries, the press release says.

Istrabenz said creditors agree with the plan, which was also endorsed by the supervisory board in February.

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