Croatian court moves to declare Hidroelektra Niskogradnja insolvent

On October 15, the Zagreb Commercial Court took action to determine the conditions for opening bankruptcy proceedings against Hidroelektra Niskogradnja, the company said in a filing to the Zagreb Stock Exchange.

It did not provide further details.

Last week, Hidroelektra Niskogradnja said its shareholders approved the integration of the company into Hidroelektra Mehanizacija, with Mariyan Tkach remaining in the position of director.

Austria-based Avenue Osteuropa owns a 34.43% stake in the capital of Hidroelektra Niskogradnja, while Sanja Salopek controls a 14.2% shareholding interest, according to data from the Zagreb Stock Exchange.