The Slovenia Times

One Storey of Spa Complex in Thermana Missing


According to a report in Thursday's edition of the daily Dnevnik, the investment is being probed by the Celje crime investigators after an appraisal showed the building is short of 10,000 sq metres.

According to the land register, the building has a surface area of 60,000 sq metres, the figure that appeared in the company's balance sheets all until mid-2014.

But the surface turned out to be 10,000 sq metres smaller as the new management commissioned an appraisal for a court-mandated debt restructuring launched in October.

As a result, the company had to form an extra EUR 15m in impairments, which in turn forced Thermana into insolvency, according to the Dnevnik report.

Due to the findings, the price of the new complex per sq metre paid by Thermana increased from about EUR 1,250 to nearly EUR 1,500.

The complex was built in accordance with the requirements, but the problem is that the final project inventory included the non-existing surface, which was also entered into the land register.

The whole surface also served as collateral for banks to secure around EUR 36m loans Thermana used to finance the construction.

The Celje District Court is expected to decide this week whether Thermana will enter receivership or be taken over by creditors, including the Bank Asset Management Company.


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