You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Croatia's RIZ Odasiljaci gets delisted over start of bankruptcy proceedings

Author Iskra Pavlova
Croatia's RIZ Odasiljaci gets delisted over start of bankruptcy proceedings Debts (Author: investopedia.com) License: all rights reserved.

ZAGREB (Croatia), November 25 (SeeNews) - The Zagreb Stock Exchange (ZSE) said on Monday it is delisting the shares of state-controlled radio broadcasting equipment manufacturer RIZ Odasiljaci [ZSE:RIZO] following the launch of bankruptcy proceedings against the company.

ZSE received a request for the delisting submitted by the bankruptcy trustee of RIZ Odasiljaci on Friday, the bourse operator said in a statement.

As a result, the company's shares will be delisted as of December 25. Their last day of trading will be December 23.

Last month, RIZ Odasiljaci announced that the commercial court in Bijelovar had launched bankruptcy proceedings against it on October 2, acting upon a request filed by Croatia's financial regulator Fina in February.

According to Fina's data, RIZ Odasiljaci had payment arrears worth 9.1 million kuna ($1.3 million/1.2 million euro) as of February 25.

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

The Croatian government controls 55% of RIZ Odasiljaci, according to November 25 data of the ZSE.

The company's shares traded 14.29% lower at 3.00 kuna by 15:15 CET on Monday.

(1 euro = 7.43531 kuna)

Compare