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Creditors of Bosnia's bankrupt Secerana reject Pavgord's buy offer - report

Creditors of Bosnia's bankrupt Secerana reject Pavgord's buy offer - report Photo: All Rights Reserved

SARAJEVO (Bosnia and Herzegovina), November 11 (SeeNews) - The creditors of Bosnia's bankrupt sugar mill Secerana have rejected the 5 million marka ($2.8 million/2.6 million euro) offer of local company Pavgord for the purchase of the mill's assets, media reported.

The creditors said the bid was considerably lower than the asking price of 10 million marka, the Serb Republic entity's news agency SRNA reported on Friday.

SRNA quoted the bankruptcy trustee of the sugar mill, Nebojsa Matic, as saying the other potential buyer, Chinese investor Dragan Guru Djuragin, is still interested in purchasing the sugar mill's assets but currently lacks the money to finance the purchase and pay the required deposit.

In their last week's discussion, the creditors evaluated the 7 million marka offer made by Djuragin as "too good to be true", SRNA said. 

The creditors plan to meet again in December and talk with both interested buyers.

Secerana went bankrupt around four years ago over an outstanding debt of 16.5 million marka. The estimated value of its assets stands at some 23 million marka, according to earlier media reports.

Bijeljina-based Secerana was the only sugar mill in the Serb Republic, one of two entities that form Bosnia and Herzegovina. The other one is the Federation.

(1 euro = 195583 marka)