Business News

Viator&Vektor Goes into Receivership

Ljubljana, 03 July (STA) - The Ljubljana District Court decided on Tuesday to stop the debt restructuring at Skupina Viator&Vektor, the holding company of the eponymous logistics group, and launch receivership, after the holding missed the deadline for confirming a capital increase by only four days.

Creditors now have until 3 October to register their claims and the court appointed Silvo Zorec as receiver, after he already served as the administrator of Skupina Viator&Vektor in the court mandated debt restructuring, which was launched on 17 February.

The company filed for debt restructuring in January after its biggest subsidiary, Viator&Vektor Logistika, entered receivership proceedings in September, having failed to secure a debt restructuring deal with banks.

One of the crucial parts of the group's financial restructuring was a EUR 30m capital increase, which was however confirmed by the company's shareholders' meeting four days after the four-month deadline on 21 June.

The holding company employs only about a dozen workers, while nearly 500 worked for Viator&Vektor Logistika. Another 129 workers were left jobless after TVM, a subsidiary bus maker, entered receivership in March 2011.

The group includes several big companies, among them defence contractor Sistemska tehnika, several bus operators and branches in Croatia, Serbia, Bosnia-Herzegovina, Macedonia, Romania and the Czech Republic.

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