The reorganization plan for “Toza Markovic” from Kikinda adopted – Discharge from bankruptcy announced after two years

(Photo: Paula Fontana/shutterstock.com)

The ten-year plan to reorganize “Toza Markovic” means the return of the debt, which is slightly over 50 mil EUR, to all its creditors. The return to the market and the internal organization of the company will take about a year.

- The factory has the potential which has proven good enough to act as a basis for the creditors' belief that the plan may be realized, since the factory showed, during the insolvency proceedings, that its advantages were having raw materials, good workers and, most importantly, a product which has its place in the market – says Vladimir Ilic, the future general manager of “Toza Markovic”.

The most important task of the new management will be to return the company to the very top of the construction material industry, to honor all workers' rights regarding the payment of salaries, travel expenses and meal allowances, which will be reintroduced.

- We're talking about a well-know regional brand. The roofs which feature “Toza Markovic” products and the bathrooms with tiles made by the company are proof enough that there is a place for it in the market and that we will succeed in accomplishing the very serious task that lies ahead – emphasizes Ilic.

The company currently employs around 600 workers who are receiving minimum wages. The coming period will see no new employment. Instead, the company will focus on the existing workforce and raw materials, and on June 20, a second line for producing tiles should become operational, which means that the company will start working at full capacity.