TIGAR AD OBTAINED CONCLUSION ON DEBT-TO-EQUITY CONVERSION FROM THE GOVERNMENT
The Government of the Republic of Serbia at a session held on 13th September, passed a Conclusion giving its consent that due and unsettled receivables of the Republic of Serbia towards the company Tigar AD on the basis of public budgetary revenues of the Republic of Serbia be converted into permanent equity of the Republic of Serbia and recommends to the creditors, with which the state has stake in ownership, to convert their receivables into permanent stake in the Company’s equity.
This Conclusion allows realization of one of the measures envisaged by the legally adopted Prepackaged Plan of Reorganization of Tigar AD.
The Company’s CEO, Branislav Čurić pointed out that this decision was very significant for further business operation of the company, emphasizing that the debt in the amount of approximately 50 million euros from earlier periods, was a great burden for the company’s business operation.
By this Conclusion, the Government acknowledged the efforts and activites undertaken in the last four years and in that way showed a clear attitude to support those export-oriented companies that achieve business results and employ a significant number of people.