Business News

Receivership Starts at Builder CPM

Maribor, 23 February (STA) - The Maribor District Court on Wednesday launched receivership at insolvent builder Cestno podjetje Maribor (CPM), after its management decided to change its initial proposal for debt restructuring into receivership on Friday. Silvo Zorec, the administrator in the debt-restructuring, was appointed receiver.

The company's creditors now have until 23 May to report their claims, according to the Agency for Public Legal Records and Related Services (AJPES).

Total claims in the debt-restructuring procedure amounted to EUR 102m, EUR 1.4m of which was reported by employees as preferential creditors and almost EUR 32m by banks.

The biggest creditors are the banks Banka Celje, NKBM, NLB and Gorenjska banka and fuel retailer Petrol.

CPM had proposed it repay 35% of its debt to non-preferential creditors, amounting to EUR 68m, over six and a half years.

The company filed for debt-restructuring on 31 December 2010 and the proceedings were launched on 12 January.

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