The Slovenia Times

Court Orders Bad Bank to Return Seized Sava Turizem Shares


The bad bank announced a takeover of Slovenia's largest tourism company on 29 May for not agreeing with Sava's restructuring plan.

It said it could not agree to the write-off of almost EUR 50m in claims and the allocating of Sava turizem's profit for the paying off of Sava's debt in the next five years.

BAMC acquired a 99.05% stake in Sava Turizem in a debt-to-equity conversion, and soon published a takeover intent for the remaining shares.

Its move has been described as unlawful by Sava, which lost its key subsidiary, Sava Turizem, in the process.

While BAMC claimed it was merely collecting its claims, Sava said they were not due yet.

BAMC said it had not been officially notified of the court decision and that it would decide on next steps after analysing it.

"At this point we can only say that the move by Sava was expected. BAMC agrees that the whole thing must be transparent and analysed from all aspects. This is also a test of the integrity of the judiciary," BAMC said.

The once mighty conglomerate Sava has EUR 242.8m in outstanding financial debt, of which BAMC holds 35.5% or EUR 86.2m.

BAMC filed for court-mandated debt restructuring of Sava on Monday, while several creditors followed suit two days later.

Apart from Sava Turizem's shares, BAMC also confiscated the hotels of Istrabenz Turizem and Hoteli Bernardin last week. Istrabenz has also announced it would challenge the bad bank's move in court.


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