Tuesday, May 28, 2024
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Elena Group’s efforts to avert bankruptcy at Vektra Boka

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Preventing a new bankruptcy filing for Vektra Boka at the end-of-month hearing holds paramount importance for Ellena Group, the new owner of a 33.3% stake. Their immediate plans involve settling outstanding employee and tax obligations, paving the way for the sale of Hotel Igalo and future investments. However, accessing the Board of Directors, predominantly occupied by Brković’s appointees, remains a prerequisite.

Elena Group, now a significant shareholder in Vektra Boka, prioritizes clearing debts owed to employees first. Despite facing a substantial unpaid sum totaling €50 million alongside the acquisition, they have outlined a strategic approach.

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  • A rough assessment indicates that selling Hotel Igalo could yield around €20 million. Liquidating some assets is necessary for funding future ventures. Securing a position on the Board of Directors is crucial for us to authorize a €1.1 million payment, essential to stave off bankruptcy – explained Danilo Matijašević, Elena Group’s owner.
  • I’ve initiated enforcement procedures to recover funds, especially since the account was frozen, aiming to raise approximately €12.5 million through the sale of Hotel Igalo – revealed Vukašin Šimrak, the Acović family’s commissioner.

However, these plans hinge on Vektra avoiding a new bankruptcy due to a looming tax debt of nearly €1 million by April 29.

The prospect of bankruptcy deeply concerns Vektra Boka’s employees.

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  • Bankruptcy proceedings typically drag on for two to three years, prolonging uncertainty and hardship – lamented Maja Pajević, a former Vektra Boka employee.
  • Our primary concern is settling our dues, including up to 30 months’ worth of salaries for permanent Vektra Boka employees – emphasized former employee Vojin Miljanić.

Elena Group’s recent acquisition of a third of Dragan Brković’s company shares for €350,000 signifies a significant shift. Their immediate task is convening an emergency General Meeting to address obligations, select new directors, yet bureaucratic hurdles remain, as the existing Board holds authority over the meeting schedule.

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