Pre-bankruptcy procedure in Senta sugar factory TE-TO – Hearing postponed until October 27

The Commercial Court of Subotica reached the decision on starting a pre-bankruptcy procedure in the sugar factory TE-TO in late July, followed by the decision on prescribing temporary measures for the company.

The hearing in which it should be decided whether to start the bankruptcy procedure was initially scheduled for September 1, but it has been postponed for October 27.

At the same time, the company's temporary representative has called a General meeting for October 3, when 2015 financial reports should be adopted and the decision on covering the loss reached.

The sugar factory TE-TO's financial troubles starter this year when major ownership changes occurred, leading to insolvency which culminated in their account being blocked, Wisebroker reports.

Privredni sud u Subotici

Fabrika Šećera TE-TO Senta

sugar production

sugar beet production

Sunoko