October 10 (SeeNews) - Switzerland-based Batagon International has increased the price it is offering for Serbian insolvent car battery maker Fabrika Akumulatora Sombor (FAS) to 7 million euro ($8.2 million) from 6 million euro, Belgrade-based media reported on Tuesday.
The company intends to withdraw from the deal if the creditors of FAS do not accept the proposal, news portal SoInfo quoted the insolvency administrator of FAS, Predrag Ljubovic, as saying.
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The bank guarantee on FAS debts expires on October 19 and creditors are expected to respond by the end of this week, Ljubovic said.
The creditors of FAS have already rejected three offers by Batagon International for the assets of the insolvent company. Batagon International originally offered 3 million euro for FAS in July and then sweetened their bid to 4 million euro. In August, the creditors rejected a 5.05 million euro offer and Batagon International raised the bid to 6 million euro.
In May 2014, the Serbian government agreed to sell FAS to Greek company DEM Hellas owned by entrepreneur Eftimios Karanasios. However, DEM Hellas did not meet its contractual obligations and the Serbian government called a new tender for the sale of FAS in October 2016. The tender attracted no bids.
($ = 0.8488 euro)