Alpina, a company based in Žiri, will pay back debt at annual rates of between 3% and 5% until the end of 2024, according to a filing with the Agency for Public Legal Records (AJPES).

The plan was confirmed by unsecured creditors holding EUR 37.3m in claims and senior secured creditors holding EUR 13.4m.

As part of the plan, the Bank Asset Management Company (BAMC), the country's bad bank and Alpina's biggest creditor, has already converted EUR 12m in claims into equity.

BAMC will become the sole shareholder of Alpina and Alpina Holding, a bankrupt management buyout vehicle, will be wiped out.

BAMC has recently told the STA that the plan was to sell Alpina at the maximum price.

Alpina's performance has been improving and the company posted a small profit last year, but it has been hobbled by debt.

Chairman Matjaž Delopst hopes the company can now "breathe more easily".

He told the STA that Alpina wanted a new owner that would not demand high profit but instead seek synergies.

Alpina is best known for hiking and skiing shoes and has had considerable success equipping on the professional cross-country skiing circuit.