April 3 (SeeNews) - Bosnia's Foreign Investment Promotion Agency (FIPA) said on Tuesday it will seek a strategic partner for bankrupt construction company Hidrogradnja.
The company is currently putting together a reorganisation plan, while FIPA will lend its expertise to help find a foreign investor interested in taking part in the restructuring of Hidrogradnja.
You can subscribe to our M&A newsletter here
Hidrogradnja controls assets in attractive locations where it would be possible to build business and shopping centers, residential and tourist facilities, FIPA said in a statement.
Hidrogradnja was put up for sale in 2013 by the government of Bosnia's Federation entity, which controls a 67% stake in the company. The Federation government, however, received no bids due to the complaints filed by the company's workers.
On October 5, 2016, the Municipal Court in Sarajevo launched bankruptcy proceedings against the company and appointed Zijad Fazlagic as the receiver.
The Federation is one of the two entities that form Bosnia and Herzegovina. The other is the Serb Republic.