Public auction for insolvent Serbian glassmaker SFS fails

The only candidate buyer to meet the conditions for participation in the auction held last week offered less than half the asking price of 10.1 billion dinars ($85 million/86 million euro), the company's bankruptcy administrator Svetlana Simeunovic said, as quoted by the Paracin authorities.

The bankruptcy administrator has referred the offer to the board of creditors, who will make a final decision on whether to accept it within 15 days of the submission of the request.

SFS was put up for sale on September 7.

SFS was taken over in 2012 by international group Glass Industry, affiliated with runaway Bulgarian businessman Tsvetan Vasilev, who sold it to Belgrade-based arms dealer CPR Impex in 2015. SFS was declared bankrupt in 2017.