Lawyer Miloš Stevanović withdrew the proposal that had previously been submitted against the Ugljevik Mine and Thermal Power Plant (RiTE Ugljevik), confirming that it was a proposal for restructuring, and not a classic bankruptcy procedure, the media report.

As Stevanović stated to domestic media, the withdrawal of the proposal occurred after the Government of the Republic of Srpska made a decision to act as a guarantor in the process, which, according to his words, significantly changed the circumstances that existed at the moment the request was submitted to the court.

“At the moment when the decision of the Government of the RS to assume the role of guarantor appeared, the reasons for which the proposal had been submitted disappeared. Accordingly, the proposal was withdrawn,” Stevanović stated, emphasizing that everything was done in full communication with the court.

He denied the allegations that appeared in certain media claiming that the proposal had been initiated due to an allegedly small amount of claims, pointing out that such an interpretation is incorrect and does not correspond to the real reasons for initiating the procedure. He stressed that the main reason for submitting the restructuring procedure was the desire to save the giant. However, the Government brought in new management and undertook a series of decisions that led to the temporary stabilization of operations, so the Management of AK Stevanović adopted the position that there are no reasons for the further conduct of this procedure.

We remind that the District Commercial Court in Bijeljina had previously returned the submission for revision, requesting a clear statement as to whether it was a proposal for bankruptcy or restructuring, but positive reactions of the state followed regarding the preservation of this giant.

The withdrawal of the proposal means that, at this moment, no court procedure of restructuring or bankruptcy is being conducted against RiTE Ugljevik, and further steps will depend on the measures that will be undertaken by the competent institutions of the Republic of Srpska.

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"Standard Prva" LLC Bijeljina is a company registered in Bijeljina at the District Commercial Court in Bijeljina. Company’s activities are accountancy, repurchases of receivables, angel investing and other related services. Distressed debt is a part of the Group within which the company repurchases the receivables, which function and are not returned regularly.

Lawyer’s Office Stevanović is the leading lawyer’s office in the region with the seat in Bijeljina. The LO abbreviation represents Lawyer’s Office of Vesna Stevanović and Lawyer’s Office of Miloš Stevanović.

Contact for media press@advokati-stevanovic.com or via telephone 00 387 55 230 000 or 00387 55 22 4444.