The Board of Directors has decided at meeting to approve the restructuring plan for the Institute Igalo and will submit it to the Shareholders’ Assembly for adoption, announced Board President Predrag Dragojlović. The decision was made with four votes in favor and one against. Dragojlović emphasized that there is room for dialogue regarding the plan, but that discussions should take place between the capital owners, not the Board of Directors, as reported by RTHN.
“The restructuring plan must be adopted in its original form. I believe there is room for discussion, but that is not for the Board of Directors to decide, it is for the capital owners. Negotiations can take place, but the Board’s meeting will not focus on this topic. We have adopted the restructuring plan, and it will be submitted to the Shareholders’ Assembly for approval,” said Dragojlović.
One shareholder, Žarko Rakčević, proposed an alternative plan that does not include asset sales, but Dragojlović declined to comment on it.
“Right now, we are only discussing the restructuring plan. As for the plan proposed by the minority shareholder, the shareholder with a significant number of shares, that’s a question for him. Once we know the content of that plan, it is possible that we may choose to support it,” Dragojlović added.
Petar Rakčević, the representative of the minority shareholder, the company Vile Oliva, stated that they are willing to do everything possible to prevent the Institute from going into bankruptcy, but they oppose the sale of assets.
“The biggest problem the Institute faces is its previous obligations, which amount to around 26 million EUR. We have agreed that this amount must be secured through capital increase for the Institute to continue operating. Whether that will be done through the proposed plan or if the minority shareholder will present an additional agenda item or call a new Shareholders’ Assembly to discuss capital increase for all of the Institute’s debts, remains to be seen,” said Petar Rakčević.
He also emphasized that the minority shareholder, Vile Oliva, is ready to participate in the repayment of the Institute’s debt if other minority shareholders do not wish to contribute.
Petar Rakčević announced that Vile Oliva is also willing to collaborate with banks to secure the full amount of 25 million EUR for the Institute’s capital increase.
However, he reiterated that they do not agree with the further implementation of the restructuring plan.
The plan includes the option to buy back shares from minority shareholders if they wish, and Petar Rakčević reiterated that Vile Oliva’s owner is ready to purchase the government’s share package at double the price initially offered to him.
Zoran Kovačević, the Institute’s Executive Director, stated that he was encouraged after the meeting, noting that the Board of Directors had, with a majority of four votes in favor and one against, decided to hold a Shareholders’ Assembly on January 9 to adopt the restructuring plan.
“We hope that, given the limited time and the overall situation the Institute is facing, the owners will manage to reach an agreement and adopt the restructuring plan by January 9,” said Kovačević.
He also mentioned that regular salaries for employees are being paid in accordance with the new Collective Agreement, which aligns with the Healthcare Collective Agreement. However, obligations to other suppliers remain unpaid, and Kovačević expressed deep gratitude for their patience, noting that they have not blocked the Institute or forced it into bankruptcy.
