Untitled Document

NEWS

A SUPPLEMENTED PLAN OF REORGANIZATION OF AD ‘’SINVOZ’’ IN BANKRUPTCY SUBMITTED TO THE COMMERCIAL COURT OF ZRENJANIN
THE PLAN UNACCEPTABLE FOR WORKERS AND TRADE UNION

Zrenjanin, August 5 2008
A supplemented Plan of reorganization of AD ‘’Sinvoz’’ in bankruptcy was submitted to the Commercial Court of Zrenjanin. One month since the submitting of the first Plan of reorganization and recovery of AD ‘’Sinvoz’’ in bankruptcy from Zrenjanin, which was rejected by the Commercial Court of Zrenjanin as incomplete and not in conformity with the Law on Bankruptcy Proceedings, was submitted by ‘’TTC Logistic’’ doo Beograd, ‘’TT Cargo Ag Buchs Schweiz’’ and ‘’TT Cargo Vaduz Liechtenstein’’ on July 16 2008 as supplemented and ‘’balanced’’, acceptable, as a combination of economic, legal and operative instruments, that would enable, in a flexible way, an agreement between the debtor and creditor, as well as stable company operations ‘’on a sound base’’ in the future.

Employees of ‘’Sinvoz’’ are dissatisfied with the modality of payment of wages according to legal provisions, the volume of production was not increased and initially, the number of employees would not exceed 50, and especially the list of members of managing bodies, as well as the amounts of their pays. Shareholders are discontented because of shares that would be cancelled and the company would become a close-type joint stock company from an open-type company.

-“Such a Plan is unacceptable for MWBU ‘’Nezavisnost’’, and in case the judge in charge of bankruptcy proceedings and Bankruptcy Council accept the Plan, we will try to cancel it by using all available legal instruments’’, said Zoran Eremic, Regional Trustee of MWBU ‘’Nezavisnost’’ for Banat.

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