Restructuring process started in Pančevo-based "Azotara"

The Privatization Agency of Serbia announced today (August 6, 2009) that it had started the restructuring process in Pančevo-based "Azotara, the manufacturer of artificial fertilizers.

According to the Agency's website (www.priv.rs), restructuring process was started on August 3rd, based on the conclusion made by the Government of Serbia.

According to some earlier announcements, the restructuring programme anticipates that 55m EUR out of total of 96m EUR that "Azotara" owes to the state and banks, based on which company "Srbijagas" has become the owner of 81.6% of stocks of "Azotara", be written off.

Production in "Azotara" started on Monday, August 3rd, after one-year break.

"Azotara" Pančevo, once the largest factory of ammonia and artificial fertilizers in the Balkans, was bought in 2006 by the consortium of Lithuanian companies "Arvi" and "Sanitex"and Serbian company "Univerzal holding" for 13m EUR, but the contract was canceled in January 2009 because of the sale of one of the units in "Azotara".