September 25 (SeeNews) - Croatia's center for enterprise restructuring and privatisation, CERP, said it has extended until November 5 the deadline for submission of binding bids for the purchase of state-owned tourism company Club Adriatic.
The deadline for the sale of a 100% stake in Club Adriatic for at least 48.5 million kuna ($7.6 million/6.5 million euro) expired on September 21, CERP said in a statement last week.
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This is not the first time CERP has attempted to sell Club Adriatic. In December, CERP said Swiss firm Immo Invest Partner has lodged the sole binding bid for the company, offering to pay 54 million kuna. CERP and Immo signed a deal earlier this year, but the sale fell through when the Swiss company failed to pay the agreed 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 a standstill because of administrative disputes.
(1 euro=7.43126 kuna)