Adoption of reorganization plan at Azotara confirmed

(Photo: hip-azotara.rs)

The Trade appellation court in Belgrade rejected all the complaints of trustees of Pancevo-based Azotara and confirmed decision of the Trade court in Pancev on adoption of the Prepack plan.

GM at Azotara, Goran Pejcic, did not want to comment the decision of the court and as he said, privatization of Azotara will continue in line with the decisions of the Agency for Privatization and the Government of Serbia.

With the adoption of the Prepack plan, conditions for Pancevo-based plant for mineral fertilizers to solve its problems and find a strategic partner, were created.

A few foreign companies is interested in Azotara which deal with production of fertilizers, it was previously to the Beta agency from the sources close to the company.

The same source stated that the Government of Serbia, after privatization of the company, will keep the stake in it.

The Court adopted the third version of the prepack plant for Azotara because the previous two were rejected after complaints of former privatization owner, Lithuanian Arvi and Saniteks and Belgrade-based Univerzal holding.

The Agency for Privatization terminated the sale contract with those companies in January 2009 due to not fulfilling of contractual provisions.