September 8 (SeeNews) - Croatian rolling stock maker TZV Gredelj says it is getting out of its bankruptcy procedure helped by its strategic partner - Slovak manufacturer of freight railcars and bogies Tatravagonka.
As all necessary conditions have been met, the strategic partner made a payment and in this way a time period started in which the debtor has to make payments to each of its creditors, TZV Gredelj said in an e-mailed statement sent to SeeNews late on Tuesday. It did not elaborate on the amount of the payment made by Tatravagonka.
TZV Gredelj has been been in bankruptcy since 2012 over more then 900 million kuna ($142.3 million/120.3 million euro) claims by 2,004 creditors but has maintained production since then and has 400 employees.
In September last year, Tatravagonka proposed to invest 45 million euro ($53.2 million) in TZV Gredelj.
At a court hearing on June 15, the creditors accepted the company's bankruptcy plan and the proposed models for repayment of debt owed to them.
The preconditions to enable the payment by the strategic partner were a final decision by the Commercial Court confirming the company's bankruptcy plan and a statement by the receiver that all liabilities arising from the insolvency estate had been met and the company has no other outstanding liabilities except those set by the bankruptcy plan, according to the statement.
In March, Tatravagonka rented out a production hall of TZV Gredelj in bankruptcy and thus started production of cargo wagons for the Western European market. It plans to produce over 200 such wagons by the end of this year.
(1 euro = 7.479 Croatian kuna)