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Serbia sells bankrupt glass maker ISP to Promist

Jul 11, 2024, 12:59:14 PMArticle by Valentina Bajic
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July 11 (SeeNews) - Serbia's Bankruptcy Supervision Agency (ALSU) said it has sold bankrupt glass maker Industrija Stakla Pancevo (ISP) for 43.7 million dinars ($404,900/ 373,400 euro) at a public auction.

Serbia sells bankrupt glass maker ISP to Promist

ISP was acquired by local artificial fertilisers distributor Promist, the agency said in a statement on Wednesday.

The previous auction for ISP, held on May 17, failed to attract any buyers, according to an earlier announcement by ALSU. The agency sought at least 62.5 million dinars for the glass maker at the time.

In 2017, Novi Sad-based Promist bought ISP’s production assets, including its 114,200 sq m factory complex, equipment, and machines for 417 million dinars.

The commercial court in the northern city of Pancevo opened bankruptcy proceedings against ISP in December 2015.

(1 euro = 117.053 dinars)

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