The unfavourable economic conditions, which have been much worse than the ones in which the first plan was adopted for three years, negatively affect the company's assets and investments, so its capital at the end of 2012 was negative, according to Istrabenz.

On 31 December, the company had a negative capital of EUR 64.6m and EUR 191.4m of debt, with the net loss in the October-December period amounting to EUR 58.2m.

If Istrabenz fails to reach a new agreement with all creditor banks to secure its long-term liquidity, the holding may need to declare insolvency and go into receivership.

In line with the 2009 financial restructuring plan, the holding is offloading its investments and paid off last year over a quarter of all its debts and last year's interest. However, it is supposed to pay another 47% of its debt this year.