Slovenian retailorganisation Merkur officially insolvent

The Merkur Management helmed by Bojan Knuplez has proclaimed the company insolvent and will create an official programme of financial restructuring, which will be proposed to the creditors. The insolvency announcement is a beginning of the protection of the creditors’ capital and a path towards final recovery and agreement with banks, Knuplez says.

Merkur’s Supervisory Board will meet next week, when it will discuss the business report for 2009 and first quarter of 2010. Afterwards, they will meet with bank-creditors and discuss the manner in which the debt towards 1,500 creditors could be settled. Kuplez does not think the owners will conduct recapitalization, but finds forced settlement more likely.

News source: Limun.hr link: article