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Vegrad Withdraws Debt Restructuring Proposal, Goes Into Receivership

Celje, 30 September (STA) - The management of insolvent builder Vegrad withdrew its proposal for debt restructuring from the Celje District Court on Thursday, which suggests that the company is going into receivership.

While the court has eight days to decide on the withdrawal, "it does not have any real manoeuvering space here, which means that Vegrad is going into receivership", Vegrad's outgoing chief supervisor Klemen Bostjancic confirmed for the STA.

The news comes amid protests by workers, who have not been receiving wages, and after debt restructuring started at Vegrad on 1 September, with creditors having until 1 October to register their claims. The restructuring plan put forward by the management put debt at EUR 240.7m.

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