May 24 (SeeNews) - Serbia sold a tractor repair centre of insolvent Industrija Masina i Traktora (IMT) for 64 million dinars ($588,000/545,000 euro) to local company Prvi Maj Cacak, the bankruptcy supervision agency said.
in the transaction, Prvi Maj acquired a warehouse, a service hall, a department for overhauling tractor engines and a power transformer station, the agency said in a statement last week.
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The IMT tractor repair centre was declared insolvent in December 2015 over an outstanding debt of 1.57 billion dinars. In the decision to open bankruptcy proceedings, it is stated that the company has assets worth an estimated 470 million dinars.
According to the Serbian business registry, Prvi Maj Cacak was founded in July 1998 and is equally owned by Montenegro’s Auto Cacak Podgorica and Serbia’s Euroline Transport.
(1 euro = 117.288 dinars)