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Sava d.d. is continuing with the long-term restructuring programme

Owing to the measures implemented by one of the creditors on 29 May 2015, the District Court in Ljubljana has established existence of the reasons for interruption of preventive restructuring proceedings. The compulsory settlement proceedings were instituted. The court has further determined by decision that Matjaž Nanut shall be the administrator in compulsory settlement proceedings, who will perform administrator’s tasks and competencies in the proceedings through the Law firm Nanut, d.o.o.

On 29 May 2015, the same creditor, i.e. DUTB, d.d. (hereinafter: BAMC), unlawfully seized a 99.05% share of Sava d.d. in Sava Turizem d.d.  For this reason, the District Court imposed by order of 4 June 2015 for the companies BAMC and DUP1, d.d. to return the seized share to Sava d.d. within three days following the issue of the interim decision at the latest and to reimburse the expenses of court proceedings.

In accordance with the court order, Sava d.d. will file an appeal for excuse from the interim decision.

As the owner of a 99.05% share of Sava Turizem d.d. and given its direct and indirect capital investment in the companies of Hoteli Bernardin d.d. and Istrabenz Turizem d.d., Sava d.d. will continue to implement its tourism development strategy.

However, despite the fact that in its press release of 29 May 2015 and in the statements by the CEO and Executive Director of BAMC, BAMC announced its decision of taking-over the real property of larger Slovenian hotel management companies, whose claims it is managing, at which according to BAMC, it was supposedly about  the hotels with the accompanying facilities associated with the companies of Sava Turizem,  Istrabenz Turizem and Hoteli Bernardin, and that it acquired a 71% share of Sava Turizem d.d. by cashing in its claims, after which it sold slightly less than a 29% share of Sava Turizem d.d. to its newly-established assets management company, BAMC failed to succeed at realising seizure of direct and indirect shares held by Sava d.d. in the companies of Hoteli Bernardin, d.d. and Istrabenz Turizem, d.d.

The companies of Sava Turizem d.d., Hoteli Bernardin, d.d. and Istrabenz Turizem, d.d. represent the core of the integration strategy for the Slovene tourism industry. This is a comprehensive development programme of three tourism systems, whose implementation is already in progress, its goal being to enhance its competitive power and degree of tourist capacity utilization, thereby realizing greater export potential of Slovene tourism industry.

The operating results of Sava Turizem d.d., Hoteli Bernardin, d.d. and Istrabenz Turizem, d.d. have already shown improvements in this year, and all three companies surpass their last year’s results and achieve the goals planned for this year. Moreover, the forecasts for the peak season reinforce the trend of this year’s first months.

One of the crucial conditions for the realisation of this year’s ambitiously planned goals in all three tourism companies, is, of course, stability in operations, which will relieve both the management and governing bodies and the employees from the feelings of uncertainty. Only in this way, they can devote all of their attention primarily to carrying out their specific day-to-day tasks and obligations with focus on increasing the revenues and cost efficiency, but , first of all, on guest satisfaction, thereby enhancing reputation of every individual company.

Considering the fact that compulsory settlement proceedings for Sava d.d. will begin, Sava d.d. will prepare a long-term restructuring programme in accordance with the regulations and in cooperation with the creditors, whose essential element is the development of tourism division, however, this programme will also include the activities in connection with the financial pillar of Sava d.d. Here, the major investments are the ones in Gorenjska banka, d.d. and in the share fund Alpen.SI. Both financial companies run well.  After last year’s efficient implementation of the programme imposed by the Bank of Slovenia for reducing the capital shortage, Gorenjska banka, d.d. – the only private bank with Slovene owners –   shows high capital and liquidity adequacy and, following a conservative approach to risk management, it expands its business and operates profitably this year, too.

Sava d.d.
Corporate Communications


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