The Slovenia Times

T-2 Receivership Challenged at Top Court


Garnol also asked the country's top court to suspend the implementation of the 5 August decision by the Ljubljana Higher Court on receivership pending its final ruling in the case.

T-2, one of Slovenia's biggest broadband and IP-TV providers, was sent into receivership at the request of the Bank Asset Management Company (BAMC) after the District Court rejected its initial motion in June.

Garnol argues that in approving the procedure the Ljubljana Higher Court had acted against the law and Constitution on several counts.

The company claims the court had failed to present it with the creditors' appeal to give it the chance to respond to the allegations, thus denying it the right to a fair trial.

T-2 owner also argues that the court had applied reform insolvency legislation retroactively, changing the legislative framework and conditions under which compulsory settlement was endorsed by 75% of the creditors.

Garnol argues an absence of economic reasons for receivership, saying that T-2 had EUR 245m in assets and EUR 61.9m in capital at the end of 2014.

Before the procedure was launched, T-2 had planned net revenues to the tune of EUR 64.4m and a net profit of EUR 3.3m for the year, which would be up 13% and 385% on 2014.

However, the receivership has already made an impact on the operations so that the projected annual net profit has been reduced to EUR 2m, follows from Garnol's press release.

T-2 was established in 2004 by the now bankrupt Zvon Ena, a financial holding of the Maribor diocese. Only five years later, creditors requested receivership for the first time.


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