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Tuesday, May 28, 2024
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Ellena Group seeks restructuring solutions for Vektra Boka amid financial challenges

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Ellena Group, a construction company based in Herceg Novi, recently acquired a 33% stake in Vektra Boka and has taken steps to address the company’s financial challenges. The company has submitted a formal request to convene an extraordinary Shareholders’ Assembly for Vektra Boka, directed to the bankruptcy judge Dragan Vukčević and the bankruptcy administrator Radojica Grbi.

According to Danilo Matijašević, the owner of Ellena Group, the proposed agenda for the assembly includes crucial matters such as appointing a new board of directors to reflect the changes in ownership structure. Additionally, the assembly aims to address the significant financial obligations faced by Vektra Boka, which have led to bankruptcy proceedings initiated by the Tax Administration due to outstanding debts. Among the proposed agenda items is also a proposal to change the company’s name.

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Matijašević emphasized that Ellena Group’s plans include the potential opening of Hotel Plaža in the near future, contingent upon successful negotiations and the establishment of a new board of directors. The impending April 29 hearing at the Commercial Court, regarding the initiation of bankruptcy proceedings for Vektra Boka, underscores the urgency of addressing the company’s complex financial situation.

Since February 2017, Vektra Boka has been subject to reorganization measures by the Commercial Court, with its financial accounts under continuous blockade since September 2019 due to mounting debts. The company’s current debt under blockade amounts to 13.8 million euros, with an additional 4.8 million euros owed to the Tax Administration.

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Ellena Group acquired its 33% stake in Vektra Boka on April 2, purchasing 8.7 million shares at a price of four cents per share, totaling 350,000 euros. These shares were previously seized from Vektra Investments due to outstanding debts, and their acquisition was facilitated through a non-market sale via auction.

Matijašević noted that Ellena Group has sought meetings with key stakeholders, including the Prime Minister, the Minister of Finance, and the Director of the Tax Administration, to address the company’s financial challenges and explore potential solutions.

Vektra Boka’s history includes its privatization by Vektra Montenegro in December 2007, followed by subsequent ownership changes and financial difficulties. Despite efforts to reorganize and address outstanding debts, the company has faced ongoing challenges, leading to the initiation of bankruptcy proceedings.

The situation has sparked protests from Vektra Boka employees, who allege that the reorganization plan has not been implemented effectively and that proceeds from asset sales have not been directed towards resolving their concerns. Legal action has been taken against key individuals involved in the company’s management, including allegations of economic misconduct and money laundering.

In light of these developments, Ellena Group’s acquisition of a significant stake in Vektra Boka represents a potential turning point in the company’s efforts to address its financial challenges and chart a path towards stability and growth.

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