September 15 (SeeNews) - Croatia's state-controlled fertiliser producer Petrokemija [ZSE:PTKM-R-A] said on Thursday it has selected local advisory company KPMG Croatia as its consultant on restructuring.
Petrokemija hired a consultant in accordance with the terms set by the government of Croatia when it agreed to allow the company to conclude a 200 million kuna ($29.9 million/26.7 million euro) loan deal with the state-owned development bank Hrvatska banka za obnovu i razvitak (HBOR), Petrokemija said in a filing with the Zagreb bourse.
The government owns nearly 80% of Petrokemija.
Activities on putting together a restructuring plan will begin immediately.
In May, the government removed Petrokemija from a list of companies considered to be of strategic importance for the country and banned for privatisation, along with a further seven big firms. The government had said earlier it would like to find a strategic partner for the company, while retaining a stake of at least 25% plus one share.
In November last year, Petrokemija announced it had received five expressions of interest from investors ready to recapitalise it as part of an ongoing restructuring drive.
The consolidated net loss of Kutina-based Petrokemija narrowed to 93.2 million kuna in 2015 from 463 million kuna a year earlier. It had long-term liabilities of 139.9 million kuna and current liabilities of 954.3 million kuna as at end-March.
(euro=7.50514 Croatian kuna)