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Displaying items by tag: 2015

The procedure of selling the stake of Gorenjska banka d.d. begins

Sava d.d. is undergoing a business and financial restructuring procedure. Already for several months, we have been negotiating with our creditors, i.e. banks, DUTB d.d. (hereinafter: BAMC), the content of the restructuring process, which is based on ambitious strategy of consolidating tourism companies, in which Sava d.d. holds – either directly or indirectly – its capital investments.

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Explanation about temporary injunction

The District Court in Ljubljana notified Sava d.d. that based on the proposal by DUTB, d.d. (hereinafter: BAMC) and DUP1, d.d. it issued a temporary injunction prohibiting  Sava d.d. alienation, encumbrance or any other disposal of securities of Sava Turizem d.d. The ruling on temporary injunction regarding the shares of Sava Turizem d.d. does not bring anything new, even if the court would adopt the same final ruling. The shares have already been pledged so far and Sava d.d. had no intention whatsoever to sell them.

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Initiation of compulsory settlement proceedings

The District Court in Ljubljana notified Sava d.d. that on 10 June 2015 it had made a ruling on termination of preventive restructuring proceedings and on initiation of compulsory settlement proceedings for the company Sava d.d. 

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Business operations of Sava Turizem Group in the first five months of 2015

In the first five months of 2015, the Sava Turizem Group has noted the record high results. The Group generated revenues of 23.7 million, which was a 5% improvement on the results achieved in the same period last year. It increased performance and generated an operating profit (EBIT) of 169 thousand euros – a positive result in low season for the first time since 2010. The achieved EBITDA amounts to slightly more than €3 million and is by 57% (or €1.1 million) higher than last year.

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Temporary injunction explanation

The District Court in Ljubljana notified Sava, d.d. of issuance of a temporary injunction, based on which DUTB, d.d. (hereinafter: BAMC) and DUP1, d.d. are prohibited to realise a collateral through selling or appropriation of the shares of Sava Turizem d.d.

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Temporary injunction explanation

The District Court in Ljubljana notified Sava, d.d. of issuance of a temporary injunction, based on which DUTB, d.d. (hereinafter: BAMC) and DUP1, d.d. are prohibited to realise a collateral through selling or appropriation of the shares of Sava Turizem d.d.

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Responding to accusations in the media

In the broadcast TV Dnevnik on TV Slovenija 1 channel on 22 July 2015 at 7:00 p.m., a report  titled “DUTB requests for dismissal of Sava’s Management Board” was released, in which a representative of DUTB, d.d. (hereafter: BAMC), Ms. Katja Peček, otherwise an associate of the Law Firm Fatur,  made false and misleading statements concerning the management team of Sava, d.d. Afterwards, her statements and the entire report were repeated by other means of media, too. With this response, we wish to communicate correct information to the public.

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Notification of the Higher Court's Decisions

The Higher Court in Ljubljana granted the appeal lodged by Sava d.d. as debtor, and the creditors Gorenjska banka, d.d., Zavarovalnica Triglav, d.d., UniCredit Banka Slovenia, d.d., Pokojninska družba A, d.d., Skupna, d.d.,  and Skupna pokojninska družba, d.d.

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Business operations of the Sava Group and Sava d.d. in the first half-year 2015

At its 19th regular meeting held on 27 August 2015, the Supervisory Board of Sava d.d. became acquainted with business operations of the Sava Group and Sava d.d. in the period January-June 2015.

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Initiation of the compulsory settlement proceedings

On 16 September 2015, the District Court in Ljubljana made a decision in the compulsory settlement proceedings against the debtor Sava d.d.  that the preventive restructuring proceedings against the debtor, which is conducted in the matter of the same court Ref. no. St 5837/2014, is terminated and the compulsory settlement proceedings against the debtor is initiated instead. The proposing parties should submit a proposal of compulsory settlement included in their financial restructuring within three months after initiating the compulsory settlement proceedings (public announcement on the Ajpes website, 16 September 2015).

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  •   +386 4 206 5510
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