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Croatia's RIZ Odasiljaci enters into bankruptcy proceedings

Author Iskra Pavlova
Croatia's RIZ Odasiljaci enters into bankruptcy proceedings Debts (Author: License: all rights reserved.

ZAGREB (Croatia), October 3 (SeeNews) - A Croatian court has opened bankruptcy proceedings against state-controlled radio broadcasting equipment producer RIZ Odasiljaci [ZSE:RIZO], the company said.

The commercial court in the town of Bijelovar launched the proceedings on October 2, RIZ Odasiljaci said in a brief filing with the Zagreb bourse on Wednesday.

The court said earlier that it received in February a request for the launch of the proceedings filed by Croatia's financial regulator Fina. According to Fina data, RIZ Odasiljaci had payment arrears worth 9.1 million kuna ($1.3 million/1.2 million euro) as of February 25, 2019.

The company has said that its accounts have been blocked over unpaid debt since November 2018.

The Croatian government controls 55% of RIZ Odasiljaci, while the remainder belongs to smaller shareholders, bourse data showed on Thursday.

The company's shares plunged 21.74% to 7.2 kuna on Wednesday, when the bankruptcy announcement was made. It traded down 5.56% at 6.8 kuna by 1420 CET on Thursday.

(1 euro = 7.4178 kuna)