The Slovenia Times

BAMC defeats Serb tycoon in battle for Portorož hotels


The report says that the move will ruin the plans by Serbian businessman Miodrag Kostić to buy the debt through his Swiss company Agri Holding.

According to the report, the BAMC already holds 85% of Istrabenz's debt. The bad bank would not comment on sales and other procedures before their completion, but Siol cities unofficial sources in reporting that the acquisition of the debt has already been approved by the BAMC board.

Istrabenz's financial debt is currently at EUR 140m, but the holding has already sold almost all its assets to repay the debt with the exception of Istrabenz Turizem, which owns six hotels in Portorož.

Istrabenz's balance sheets value the tourism division at EUR 21m, however some estimates are that it could fetch at least three times more in the market, the report says.

Kostić owns the Kempinski Hotel in Portorož as well as a third of the stock in the Portorož airport operator. He also has a controlling interest in the bank Gorenjska Banka.

Several media have reported that the Koper District Court endorsed a financial restructuring agreement for Istrabenz last week. Unofficially, the deal sets out controlled divestment and repayment of creditors by the end of 2019.

One of the assets on sale is Marina Portorož. Binding bids have unofficially been submitted by the companies P & P and Adventura Holding, which have Slovenian owners, the Singapore-based corporation SUTL and its UK partner, and Kostić's MK Grupa.

Hotels on the coast are also being sold by Hoteli Bernardin, a chain that is to be taken over by the holding Sava.

Unofficially, one of the hotels, San Simon in Izola, is to be acquired for EUR 10m by the state-run KAD fund and Modra Zavarovalnica, while pharma company Krka is eyeing Hotel Salinera in Strunjan.


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