August 23 (SeeNews) - Croatia's center for enterprise restructuring and privatisation, CERP, has launched a call for binding bids for the purchase of wholly state-owned Croatian tourism company Club Adriatic.
CERP is selling a 100% stake in Club Adriatic for a minimum 48.5 million kuna ($7.6 million/6.5 million euro), it said in a notice on its website.
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The deadline for the submission of bids is September 21.
This is not the first time CERP has attempted to sell Club Adriatic. In December, the center said Swiss firm Immo Invest Partner has lodged the sole binding bid for the company.
Immo Invest Partner offered to pay 54 million kuna for 100% shareholding interest, or 6.4 million kuna above the asking price.
CERP and Immo signed a deal earlier this year, but the sale fell through when the Swiss company failed to pay the purchase price.
Club Adriatic was founded some 17 years ago by the former Croatian Privatisation Fund, CERP's legal predecessor, with the goal of reconstructing resorts, hotels and camping sites formerly used by members of the military for tourism purposes.
Since October 10, 2014 Club Adriatic has been in a pre-bankruptcy procedure, which is currently at standstill because of administrative disputes.
(1 euro=7.43126 kuna)