Narat will join the two-member Istrabenz board on 1 March to serve alongside chairman Andrej Laznik.

The announcement comes just over three months after Narat resigned as Sava chairman to help overcome a stalemate between key creditors and Sava on debt restructuring.

The Bank Asset Management Company (BAMC), the biggest Sava creditor, had publicly criticised Narat's board for trying to protect the interests of existing owners.

While further down the path of debt restructuring, Istrabenz is in many ways similar to Sava: a holding company with important stake in local tourism which got in trouble financial dealings and failed management buyout.

Istrabenz said in a statement that Narat will bring important experience in the tourism sector and corporate restructuring, including in divestment and cost optimisation.

As part of the management shake-up which will see Narat join the board in place of Desanka Katić, Laznik will also assume the post of general manager of the tourism subsidiary Istrabenz Turizem.