Merkur shareholders backed a conversion of EUR 85.4m worth of claims into equity already in October, but some of the banks changed their minds and opted to write off part of their claims and reduce the amount of recapitalisation needed to ensure Merkur's capital adequacy.

The management said that the new proposal would have the same effect on the capital, which was of key importance for the company.

Under the new proposal, the company's capital stock of EUR 3.07m would be increased by at least EUR 735,000 and EUR 1.16m at the most. The biggest contribution is to be made by the banks NKBM and Gorenjska banka, which are to convert EUR 15m each.

Several other creditors are expected to take part in the conversion, but it remains unclear whether all the banks would join the restructuring plan in accordance with the initial agreement.