July 20 (SeeNews) - Croatia's High Commercial Court has dismissed a request for the launch of bankruptcy proceedings against construction company Tehnika [ZSE:THNK] filed by Zagorje-Tehnobeton, Tehnika said on Friday.
The High Commercial Court has dismissed an appeal submitted by Zagorje-Tehnobeton against a lower court's decision to reject the company's request to declare Tehnika insolvent, the construction company said in a filing with the Zagreb Stock Exchange.
According to the High Commercial Court, the appeal of Zagorje-Tehnobeton was unfounded, Tehnika said.
In April, the Zagreb Commercial Court said the request for the launch of bankruptcy proceedings of Tehnika was unfounded as the total value of the assets of the company exceeded its liabilities.
Tehnika said in February that Zagorje-Tehnobeton is seeking its bankruptcy over what is described as 'unfounded' debt claims. The construction company explained that Zagorje-Tehnobeton is not a creditor of the company.
Earlier in February, Tehnika said it suffered a consolidated net loss of 141.8 million kuna ($22.3 million/19.2 million euro) in 2017 versus a profit of 926,300 kuna in the prior year, partially due to the crisis in Croatia's ailing Agrokor concern. The loss was mostly due to the write-off of Tehnika's claims it held towards companies of Agrokor, Tehnika explained.
(1 euro = 7.39581 kuna)