PRESS RELEASE

The law firm Stevanović submitted on November 13, 2025, a proposal to open bankruptcy proceedings against the company “Mine and Thermal Power Plant” JSC Ugljevik (ZP “Rudnik i Termoelektrana” a.d. Ugljevik). Namely, pursuant to the previously concluded Contract on Public Procurement of Legal Services No. 11467/16, under which certain outstanding debts to the firm have not yet been paid (as they have not yet become due), and based on the information presented in RITE Ugljevik’s financial statements, we decided to take this step in order to protect the largest coal and electricity producer in the Republic of Srpska.

The recent arbitration losses (in which this law firm did not participate), as well as constant account blockages, indicate that the company is ready for the initiation of bankruptcy proceedings—not for its sale, but for its restructuring—so that it can meet all its obligations.

The law firm Stevanović does not intend to endanger RITE Ugljevik; on the contrary, this action aims to provide court protection through bankruptcy proceedings against any further endangerment of the company’s assets, which are the property of all its citizens.

We would like to specifically inform the workers of RITE Ugljevik that this does not represent the end of operations of one of the region’s industrial giants, but rather a legal protection mechanism against further account blockages and the continuous growth of debts that clearly can no longer be serviced.

The recent appointment of a new management team is one of the best business decisions made, especially since these are professionals with the necessary expertise and knowledge—something we, as a firm specializing in commercial law, are entitled to state. However, the amount of debt and obligations compared to the newly generated value on a monthly basis will evidently not allow the company to recover from numerous financial blows.

Contact person for inquiries:
Miloš Stevanović – +387 66 738 738

/ / /

"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.