September 6 (SeeNews) - Croatian chemical products producer Meteor has acquired over 67.5% of the claims registered in the pre-bankruptcy settlement procedure of local alcoholic and soft drinks producer Badel 1862 [ZSE:BD62-R-A], allowing it alone to make a decision on the company's financial and operational restructuring, Badel 1862 said on Tuesday.
Meteor has purchased over two thirds of all claims held by Badel creditors and hence gained control over the company's pre-bankruptcy settlement, Badel 1862 said in a statement filed with the Zagreb Stock Exchange.
In May, Badel 1862 said it has received letters of intent in a strategic partnership tender from Meteor, Zagreb-based trade company Ostrc, Split-based Stanic Grupa and Slovakia's largest producer of spirit drinks St. Nicolaus.
The company is due to hold a session on Wednesday to make a final decision on its future strategic investor.
This is not the first time Badel 1862, which is 67.68%-owned by the Croatian government, has tried to find an investor - in mid-2015 it cancelled a tender through which it aimed to secure recapitalization.
At the beginning of this year, the company sold its non-alcoholic beverage brands, including brands Nara, Inka and Vocko, to Slovenian mineral water producer Radenska, as part of its decision to pull out of the non-alcoholic beverages market and focus on its core business.