Business News

Troubled Bus Maker Said to Be Getting New Owner

Maribor, 18 February (STA) - Troubled bus maker TVM is said to be getting a new owner after months of efforts by its existing owner, logistics group Viator&Vektor, to offload the company to an investor who could inject it with much-needed cash.

Viator&Vektor announced on Friday that it had signed a contract on the sale of the bus maker, but refused to disclose more details, even the name of the buyer.

The company said it would keep the public informed about the transaction as it is carried out. However, it invited representatives of trade unions to meet the new owner on Friday.

Even they refused to say much, revealing only that the new owner was from Europe and was interested in continuing production in Maribor.

"The potential new owner told us that if everything is as agreed than production will restart in Maribor in a month," the STA was told by Franjo Trojner of the SKEI trade union.

Despite having orders, production at TVM has been at a standstill for months as the company lacks operating capital, which Viator&Vektor was unable to provide due to its own difficulties.

The company's 140 workers have been on strike over unpaid wages since the beginning of the year.

While welcoming the arrival of someone who is willing to invest in the company, the workers continue to be cautious.

"We told [the new owner] that we intend to continue pushing ahead with a motion of receivership, which is something that will take around three to four weeks. So, if nothing comes out of this deal, receivership will be started," Trojner said.

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