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PODGORICA (Montenegro), July 10 (SeeNews) - Montenegro's Commercial Court said it has launched insolvency proceedings against pharmaceuticals producer Galenika Crna Gora, a subsidiary of Serbia's Galenika.
The proceedings were launched over an overdue debt of 2.2 million euro ($2.5 million) owed to Montenegro's tax administration, the court said in a ruling on Tuesday.
The request for insolvency proceedings was filed by the tax administration on June 21, after Galenika Crna Gora failed to meet a 45-day deadline for the repayment of its debt.
The outstanding debt of Galenika Crna Gora amounted to 9.2 million euro as of June 26, including 2.1 million euro owed to Heta Resolution Fund, 2.6 million euro to the tax administration, 4.2 million euro to suppliers and 330,300 euro to employees.
Serbia's Galenika owns a 75% stake in the capital of Galenika Crna Gora, while the remainder is owned by the Montenegrin state, according to data from Montenegro's business register.
In November 2017, the Serbian government sold its 93.7% stake in Galenika to Luxembourg-based Aelius for 16 million euro.
($ = 0.890902 euro)