The consolidation of spa operator Terme Čatež and Marina Portorož, the tourism divisions of DZS, with Sava and Istrabenz would make sense, but no final decision has been made yet, said Liasis, founder of Elements Capital Partners, which represents the York Global Finance Offshore.

"Yes, that would make sense, but I cannot confirm it at this point," he replied to the question of whether it would make sense to merge the tourism divisions of the the three groups.

The fund's restructuring plan for Sava was similar to that conceived by the state, he said, adding that a deal had been made on cooperation with the Slovenian Sovereign Holding (SSH) and the KAD fund.

The restructuring plan envisages the possibility of further consolidation of the tourism sector in Slovenia. "This required private capital, as neither banks nor the government could have carried it out on their own. I think the current arrangement is good for both the state and employees as well as banks and the and bank," he said.

Liasis would not comment on plans for Istrabenz, as Elements Capital Partners has not been mandated to manage the investment. Elements Capital Partners has no intention of entering Istrabenz as shareholder and York will not be advised to so either, he said.

Commenting on the investment in DZS, he said the process of restructuring was under way. The claims have been bought only recently and now Elements Capital Partners and York are deciding on the next step, he explained.

"The ownership structure of the DZS group is not exactly straightforward, so we'll try to simplify it and get a direct influence on the management," he said.

Asked about other plans of Elements Capital Partners and York in Slovenia, Liasis said they were currently eyeing a potential transaction but that they were not as active in terms of new purchases at the moment.

They are, however, interested in claims to retailer Tuš, and the banks NLB and Abanka, which are slated for privatisation.