December 8 (SeeNews) - Serbian bus maker Ikarbus has filed for pre-bankruptcy proceedings in hope that its creditors will accept a pre-arranged reorganization plan, local media reported on Tuesday.
The company, which has 3.8 billion dinars ($33.8 million/31.2 million euro) in debts, is hoping that the creditors will accept the plan, which calls for a debt-to-equity swap and for reprogramming of its secured debt, news daily Vecernje Novosti reported.
In case the company's plans work out, the Serbian government would become its majority owner, Novosti said.
The plan envisages an issue of 3,044,038 shares for the purposes of the debt-for-equity swap.
Belgrade-based Ikarbus is on the list of 17 strategic state enterprises that in May were afforded special protection from debt enforcement for a period of one year.
(1 euro=121.792 Serbian dinars)