The Board of Directors of the Igalo Institute adopted the restructuring plan by majority vote, "Vijesti" learned unofficially from the Government.
Of the two representatives of minority shareholders, one voted for the adoption of the plan.
The plan envisages the sale of the first phase of the Igalo Institute, after which the second phase would be reconstructed from that money and with an additional loan and brought to the level of four stars. The first phase would be sold for 28,25 million, and the loan would be taken to the value of 14,46 million. After the sale of the buildings, the right of use would be converted into the right of ownership over the land.
The Board of Directors, with four votes for and one against, decided that the Shareholders' Assembly will be held on January 9, 2025, when the final decision on the Restructuring Plan will be made, reports RTHN.
The President of the Institute's Board of Directors, Predrag Dragojlović, believes that there is plenty of room for dialogue around the Plan.
"The restructuring plan is such that it must be adopted in its original form. I think there is room for discussion about it, but it is not up to the Board of Directors, but to the capital owners. There can be negotiations, but the meeting of the Board of Directors will not be on this topic. We have adopted the Restructuring Plan and as such it will be submitted to the Shareholders' Assembly for adoption".
The owner of a part of the shares, Žarko Rakčević, offered a different plan, which does not include the sale of property, but Dragojlović did not want to comment.
"At the moment, we are only talking about the Restructuring Plan. As for the plan proposed by the minority shareholder, i.e. the shareholder with a significant number of shares, that is actually a question for him. Once we know the content of that plan, it is possible for us to decide on it".
The representative of the minority shareholder, Villa Oliva company, Petar Rakčević, said that they are ready to do everything so that the Institute does not go bankrupt, but they are against the sale of the property.
He said that they share the Government's vision that the business of the Institute is unquestionable with a projected profitability threshold of 13,5 million turnover, with new prices for fund patients and a minimum of 100.000 patient nights through the Health Fund. He points out that the biggest problems of the Institute are the obligations from the previous period, which amount to around 26 million euros.
"We agree that this amount, through recapitalization, must be provided to the Institute in order for it to continue to function. Will it be through the aforementioned Restructuring Plan or will the minority shareholder come out with an amendment to the agenda, or by convening a new Shareholders' Assembly in which the point on the agenda to be open recapitalization for all debts of the Institute, it remains to be seen. The willingness of the minority shareholder Villa Olive to participate in the repayment of the debt of the Institute, in the ratio of 2/3 of the state to 1/3, remains to be seen. minority shareholders will not want to participate," Rakčević said.
He pointed out that the minority shareholder Vila Oliva is willing to, in cooperation with the banks, provide the entire amount of 25 million euros for the recapitalization of the Institute.
Rakčević said that they do not agree on the further implementation of the Restructuring Plan.
"One is the investment in the second phase, which amounts to 70 million euros, which we consider to be oversized in relation to the size of the building and the number of rooms, and if the plan is strictly adhered to, the Institute's participation is 40 million euros, which at this moment would include the sale of Prva phase, Children's ward, E ward and solitaire".
The plan envisages the purchase of shares from minority shareholders if they wish, and Rakčević repeated that the owner of Villa Oliva is ready to buy the state package of shares for twice the price that was offered to him.
He repeats that they are ready to do everything so that the Institute does not go bankrupt, but also that there is plenty of room for further discussions.
The Executive Director of the Institute, Zoran Kovačević, said that after the session, he was encouraged by the fact that the Board of Directors today, by a majority of four votes for and one against, adopted the decision to schedule the Shareholders' Assembly related to the adoption of the Institute's restructuring plan for January 9, 2025, reports RTHN.
"We hope that, given the lack of time and the overall situation in which the Institute finds itself, by January 9, the owners will be able to reach an agreement that the Restructuring Plan will be adopted and that the investments that it foresees and the settlement of debts that it foresees under number one will be within the deadlines set by the Restructuring Plan. This ensures the life of the Igalo Institute".
Kovačević said that they are paying regular wages to employees in accordance with the new Collective Agreement, which is harmonized with the Branch Collective Agreement for Healthcare, however, the obligations towards other suppliers are not being paid, to whom, as he said, he is immensely grateful for their patience and for not blocking the Institute and therefore, they introduced him into bankruptcy.
"I believe that they are all impatiently waiting for the adoption of the Restructuring Plan and the settlement of obligations. We are not paying our contribution obligations, which is causing problems for some employees who are retiring regarding the regulation of their status. So that part of the employees who retired are waiting for the regulation of those obligations and the beginning receiving a pension".
Kovačević pointed out that the amount of debt of 25 million, the content of which is different according to the state and according to the creditors, the Institute should resolve in the shortest period with current liquidity which will be established primarily thanks to the state which "after many years approved a significant price for the fund patient which is viable in this case".
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