Business News

Receivership Starts at Poteza Skupina

Ljubljana, 09 September (STA) - The Ljubljana District Court launched on Thursday receivership proceedings at financial group Poteza Skupina on the proposal of the group's management. The proposal was filed three weeks ago after the management declared insolvency and established that capital injections from owners is not possible.

The group declared insolvency in July after its subsidiary, brokerage and fund manager Poteza Nalozbe, declared bankruptcy. Creditors have until 11 October to report their claims.

Due to the write off of Poteza Nalozbe and provisions for possible liabilities from guarantees given to the firm, the group finished the first half of 2010 with a EUR 41.5m loss.

The group's liabilities stood at EUR 13.6m at the end of June. In order to repay the creditors, the management has proposed to the creditors an extension of the repayment deadline until the end of 2013.

According to the management, the group would not be able to entirely repay the creditors if it sold all of its assets now because of the low prices on the market. The book value of all investments in Poteza Skupina's portfolio is EUR 26.2m.

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