The account of the "Simo Milošević" Institute should be unblocked in the next 20 days, when part of the back wages will be paid, in six months the restructuring plan will be completed, after which it will be possible to recapitalize the Institute of ten million euros or more, within from three years after that, if the company operates in a sustainable manner, significant investments in the development of the Institute will be possible.
These are the steps to save the Institute that were partially presented the day before yesterday at the joint conference of Prime Minister Milojko Spajić and businessman Žarko Rakčević, representative of the company "Vile Oliva", the largest small shareholder of the Institute with 27,4 percent of shares.
The current blocking of the account amounts to 7,3 million euros based on the debt owed to Jugobanka in bankruptcy and has lasted continuously for 198 days. According to the agreement the day before yesterday, "Vile Oliva" and the Government will each provide four million euros for the unblocking.
"Vile Oliva" will give an interest-free loan of four million euros, for which they will receive a collateral-guarantee from the Institute, which is why a procedure of about 20 days is required. The government will provide its share for the unblocking by paying four million euros in advance from the State Health Fund to the Institute for the Rehabilitation of its insured persons.
Spajić said that at this moment, this is the maximum they can help the Institute avoid bankruptcy, due to strict regulations on the control of state aid.
He stated that the Law on the Control of State Aid was adopted in 2018 and that since then it has been difficult for the state to aid state companies.
"No country that is a candidate for EU membership has adopted that law until membership itself. We cannot cancel it now or go back," Spajić said.
The Institute's total debts are estimated at around 24 million euros, and what can further complicate the Institute's rescue plan would be if one of the creditors initiates new account blockings.
At the conference, Spajić asked all the Institute's creditors and employees not to initiate new blockades and to be patient for another six months until the restructuring plan is completed.
Rakčević said that the Institute owes the most to the state, state and municipal companies, as well as suppliers such as "Mespopromet", "Goranović", "Volija", which he expects to be understanding.
He also said that they rejected the Government's proposal to hand over their shares to them now and to be paid when and if the Institute's restructuring plan is adopted.
He stated that they do not want the Institute to go bankrupt and that this is the fourth Government to which they have communicated plans for its rescue.
"We were giving five ideas to save the Institute. Selling shares was the last option for us. We had offers from two foreign funds, but first we wanted to make an offer to the state. We were ready to give the Institute ten million euros interest-free, until the reconstruction plan was adopted. We care about the Institute living and being a center of health tourism, that's why we accepted the offer to provide four million euros through a loan", said Rakčević.
He stated that they received the support of the banks they cooperate with and that they could provide the money as early as next week, but that due to the collateral confirmation procedures, it will take about 15 days.
"We expect the account to be unblocked before July 13," Rakčević said.
The institute will repay this loan after the end of the restructuring plan, when the recapitalization is approved.
Although the proposal to take over the shares of small shareholders came from his government, Spajić said the day before yesterday that he understands the reasons why that offer was rejected.
He said that after the account is unblocked, the preparation of the restructuring plan will begin and that it will be completed in six months at the latest, during which there will also be negotiations on the possible purchase of shares from small shareholders.
"According to the restructuring plan, if the work of the Institute proves to be sustainable in the third year, the state will only then be able to help the Institute," Spajić said.
In an earlier government analysis of the Institute's operations, it was stated that the biggest problem is that hospital days with three meals and five therapies are billed to the State Health Fund at prices of 33 euros, while the actual cost is over 60 euros.
When asked if this price list will be changed and if the prices will be higher, Spajić said that he would and that this is part of the restructuring plan.
The data from the new assessment of the Institute's assets have not yet been announced, and Rakčević said that according to the earlier assessment it was around 120 million, as well as that in addition to the accumulated losses of 30 million and the same amount of debts, the Institute is still worth more than it owes.
There are now 600 patients in the Institute, employees are waiting for four salaries
The trade union organization of the Igalo Institute had a session the day before yesterday after the press conference of the Prime Minister and Rakčević, where the conclusion was adopted that they are asking the employer for information on when they will receive back wages.
The President of the Trade Union, Marija Obradović, told "Vijesta" that they are encouraged by the agreement that will unblock the Institute's account, but also that they expected to be informed when they will receive back wages.
"We have been working every day since the beginning of February, when the Institute begins its work, despite the blocking of accounts and uncertainty as to whether there will be salary payments. We are now owed wages for March, April, May and June. We will ask to receive precise answers during the next week about the terms of payment of these salaries", said Obradović.
She stated that the Institute currently has around 600 patients, that today and tomorrow they expect the arrival of 150 new patients, and that the employees are working at full capacity.
"The problems are that not enough has been invested in the Institute, that many medical staff have left. We hope that the recovery plan will be successful and that those staff will return when working conditions improve and when there is no uncertainty with salary payments," said Obradović.
Workers will decide for themselves whether to raise new account blocks
When asked whether the employees will accept the Prime Minister's request not to initiate new blockings of the Institute's accounts, Obradović said that the Trade Union has no recommendations on this matter and that the employees themselves decide on lawsuits and forced collections.
According to the Institute's reports from the end of last year, potential liabilities based on employee lawsuits amount to 5,8 million euros. The workers filed lawsuits because they were deprived of workers' payments for years, due to the lower coefficients used by the management for calculation.
According to unofficial estimates, now and in the coming months there may be legally enforceable obligations according to these lawsuits for around three million euros.
"When the Institute lost the first lawsuits, they were able to correct the calculations, but for years they continued to use lower coefficients, which is why the workers had lower wages and filed lawsuits. It is not the workers' fault that this debt grew and was increased by lawyer and court costs. The injustice was corrected only at the end of October last year, when a collective agreement was signed with the correct coefficients", said Obradović.
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