The ITM Group, previously owned by Serbian businessman Toplica Spasojevic, might become the property of the entrepreneur and owner of Matijevic Meat Industry Petar Matijevic – unofficial sources have confirmed.
ITM Group is being sold out of bankruptcy and the public auction is scheduled for ten days’ time. Matic’s company confirmed for B92 that they were interested in taking over ITM. All the details will be revealed after the auction scheduled for 21st September.
The bankruptcy supervisor has advertised the sale of ITM Group as a legal entity through public bidding, as bankruptcy proceedings were initiated in the company in late October 2017 since it had failed to adhere to the Pre-Packaged Reorganization Plan (PPRP), adopted in 2014.
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The motion to have the bankruptcy proceedings initiated was filed by the state authorities, that is, the Deposit Insurance Agency, and representatives of two banks in bankruptcy – Univerzal Banka and Privredna Banka Beograd, which are also owned by the state. Although its former co-ownerToplica Spasojevic said that he would not allow anyone else to buy the company, there is no guarantee that he will offer the highest bid at the auction.
In translation, this means that whoever offers more money for ITM will become the owner of a company which total assets, including land, construction facilities and equipment, is estimated at around one billion dinars.
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