Budimka officially bankrupt – Creditors' claims amount to around RSD 1.3 billion

The formerly successful Pozega-based factory Budimka has now officially gone into bankruptcy. For the time being, this is the epilogue of the process initiated in February 2016.

Since that time, Budimka has been on the crossroads between reorganization and bankruptcy.

The option of bankruptcy meant that the company had a chance of finding a new buyer, but was delayed due to the former owner, the Novi Sad-based company Pan Komerc. As the biggest creditor, they submitted a plan for the reorganization of the company and then proceeded to amend it several times, thereby prolonging the procedure.

Their idea of reorganization was finally rejected and bankruptcy was officially declared on November 7, 2017.

– The decision on bankruptcy is final. I expect the valuer to be formally determined by the New Year and to have the property comprising the bankruptcy estate evaluated and then sold in a month – said Miljko Micovic, the bankruptcy judge in the Budimka procedure.

Micovic pointed out that the sale is to be carried out by a public auction, in line with the Law on Bankruptcy Proceedings.

– I know that the state as well, that is, the Ministry of Economy, wants the whole process to end as quickly as possible, as there are numerous companies and organizations that have declared themselves potential buyers, among which are numerous foreign companies – Micovic said.

The evaluation of the former giant from Pozega is expected to take place by February, following which the initial sales price will be announced. On the other hand, the creditors' claims amount to RSD 1.3 billion.

Budimka doo Požega

Pan-komerc d.o.o. Požega

Ministarstvo privrede Republike Srbije

Budimka Pozega

Pan Komerc Novi Sad

Budimka bankruptcy

PPRP Budimka

Miljko Micovic

Law on Bankruptcy Proceedings

Ministry of Economy

sale of Budimka

sale of Budimka property