The Slovenia Times

Bad bank suspends sale of two batches of claims

Economy

Ljubljana - The Bank Asset Management Company (BAMC) has suspended the sale of two packages of claims against 28 companies in the total value of some EUR 474 million. According to BAMC, the bids did not reach market value.

BAMC published a public call for binding bids for the purchase of a package of claims to 16 legal entities in the total value of EUR 402.7 million on 25 April. The deadline for submission of bids was initially 25 May, but was subsequently extended to 10 June.

BAMC did not reveal the names of the 16 companies involved, but the newspaper Dnevnik later reported they include telecoms operator T-2 and three associate companies (EUR 130 million), paper mill Goričane and two associated companies (EUR 25 million), and company Fori Skupina (EUR 25 million).

Two bankrupt builders are reportedly also on the list, Primorje (EUR 65 million) and Vegrad (EUR 50 million).

A day later another call was published, for a package of claims to a dozen more companies, worth EUR 70.8 million.

According to Dnevnik, this package included claims where real estate had been put as collateral. The package was reportedly made after an investor expressed interest in buying the claims.

Today, the newspaper Finance writes that, according to unofficial information from BAMC, which is due to end its operations at the end of the year, no more major sales are expected. Around half a billion euros of unsold assets are to be transferred to Slovenian State Holding, presumably by merging the BAMC into the holding.

However, the bad bank published a call today for binding bids for the purchase of the debt owed by the textile company Beti. According to information on BAMC's website, the claims amount to EUR 3.9 million. The deadline for submitting bids is 23 September at 2pm.

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