Mercata dd Ljubljana: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Mercata dd Files for Insolvency
Mercata dd Ljubljana announced that it has made a resolution about the Company’s insolvency. The Company’s Management Board decided on the Company’s insolvency due to its investment in Splosna plovba doo Portoroz, where the Company holds a 24.25% stake. Following the acquisition of Splosna plovba doo Portoroz in 2007, which enabled transfer of a 43.20% stake of Splosna plovba doo Portoroz from the Republic of Slovenia to SOD dd, Splosna plovba doo Portoroz acquired from and through its majority shareholder 13 vessels for the price of USD 530 million, that did not reflect the actual content of business. In the same period, debt of Splosna plovba doo Portoroz increased from USD 56 million to USD 218 million. As a majority shareholder did not allow audit, despite the demands of the Company, Mercata dd decided to withdraw from the ownership in Splosna plovba doo Portoroz. Following this, majority shareholder of Splosna plovba doo Portoroz, acquired debt from Unicredit banka Slovenija in order to prevent the Company from withdrawing from the ownership in Splosna plovba doo Portoroz. As a result, the Company decided to withdraw from the ownership through the Court.
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