Sale of Bijeljina Sugar Factory Falls Through  | Beta Briefing

Sale of Bijeljina Sugar Factory Falls Through 

Source: Beta/Nezavisne novine
SEE Business / Bosnia | 29.11.19 | access_time 11:23

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The attempted sale at which Bijeljina-based sugar factory Secerana, which has been in bankruptcy proceedings for four years now, was offered for BAM9.5m has failed. Faik Muhic, the representative of the majority of Secerana creditors, says that the sale fell through because no one was ready to offer the requested sum, daily Nezavisne Novine reports. 

Now a new round of bidding is to be called, this time for a price of BAM9m, by a decision of the Assembly, and when that will happen is hard to say due to the fact that the bankruptcy administrator has been dismissed, said Muhic. 

He explained that, keeping in mind that the bankruptcy administrator has been dismissed, a handover between the old and new bankruptcy administrators will have to be done for a new round of bidding to be organized. 

According to his estimate, the handover could take at least a month. He added that a decision has been made to call a sale of Secerana every 15 days, where the price would decrease by BAM500,000 with each new attempt, in the event that the factory is not sold. 

The factory has been in bankruptcy proceedings since 2015, while its property has been put up for sale several times for the asking price of BAM10m. Offers had come in from Turkey, Vietnam, the U.S., Serbia and Bosnia and Herzegovina, but none of them have been realized yet. 

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