Stepping in for Bartolić will be management member Janez Gradišek, who was appointed by the supervisory board for a period of three months, according to a press released issued after a supervisory board session today.

The supervisory board said that the creditors holding 80% of Cimos's liabilities - state owned banks and the bad bank - could have opted for a debt-to-equity conversion instead of the debt restructuring.

The press release also says that the company's buyers expressed surprise and disagreement with the move, while its suppliers said they would no longer cooperate with Cimos.

The supervisors added that the company had examined the option of debt restructuring immediately after liquidity problems emerged and determined that a large cash injection would be needed for the restructuring to be successful.

So far such an injection could not be provided and the supervisors underlined today that by launching the process BAMC and the creditor banks had taken on the responsibility to find the funds needed for the company to survive.