Ljubljana/Žiri - The Bank Assets Management Company (BAMC) initiated on Monday procedures to sell its 100% share in the footwear producer Alpina and all of related liabilities worth EUR 28 million.

The bad bank said on the time was right for the sale as it has done all it could to stabilise the Žiri-based company.

"We believe that Alpina can continue to develop with a private strategic owner," the BAMC highlighted, adding that a suitable owner could provide the company with access to new markets and sales channels as well as a better negotiation position in future deals.

Moreover, business optimization and modernisation could be ensured both on the level of the manufacturer and the Alpina group.

According to unofficial information obtained by the daily Delo, interest to purchase the company has been expressed by strategic buyers from abroad that are active in footwear manufacturing, and Slovenian investors who are not from the sector.

Since Alpina is a major Slovenian company, the BAMC expects a months-long two-phase sales procedure to seal the deal, it told the STA today.

The BAMC became the sole shareholder of Alpina in 2015 after a debt repayment schedule was endorsed, Alpina Holding, a bankrupt management buyout vehicle, was wound down and the bad bank, Alpina's biggest creditor, converted claims into equity.

Alpina, best known for hiking and skiing shoes, is considered Slovenia's last remaining major footwear maker. It also has a significant retail presence.

The Covid-19 pandemic has had a huge impact on the company as restructuring was announced at the end of last year and dozens of staff have been let go since.