May 21 (SeeNews) - Croatian power transmission equipment manufacturer Dalekovod [ZSE:DLKV] said on Friday it received only one offer for its potential restructuring, by Construction Line Ltd and local electrical equipment manufacturer Koncar Elektroindustrija [ZSE:KOEI], and will ask its shareholders to make the necessary decisions in line with the proposed model.
The two companies are offering to invest in Dalekovod's share capital through recapitalisation, Dalekovod said in a bourse filing.
Under the offer, the restructuring of the company would include reducing its share capital to 2.5 million kuna ($406,000/332,900 euro) from 247.2 million kuna to cover earlier losses, only to further increase it to up to 412.5 million kuna by share subscriptions, cash payments and/or contributions by entering rights.
"The expected outcome of the implementation of the proposed restructuring model is the raising of capital to achieve the necessary capitalization of the company, i.e., to eliminate capital inadequacies and to close liabilities to the company's creditors," Dalekovod said.
The shareholders meeting is set to take place on June 30, according to a separate filing by Dalekovod.
Dalekovod invited potential investors to show interest in a process for the financial restructuring of the company in early February.
Its shares plunged 49.14% to 2.95 kuna on the Zagreb bourse by 1500 CET on Friday.
(1 euro = 7.50921 kuna)