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Vukmir & Associates Advises on Belvedere Restructuring

Vukmir & Associates Advises on Belvedere Restructuring

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Vukmir & Associates has advised the majority creditors and bankruptcy administrator on the restructuring and exit from the bankruptcy of Dubrovnik-based Belvedere.

According to Vukmir & Associates, the majority creditors included Zvonko Stojevic, Brijuni Limited, and Studio 100 GmbH. The bankruptcy administrator was Jure Matkovic.

"The process involved corporate reorganization and financial restructuring of the company through a HRK 17,5 million debt-to-equity swap for the majority creditors and a HRK 44,9 million investment into the company by one of the creditors," Vukmir & Associates informed. "After exiting the bankruptcy, the company will concentrate its business activities on the development of the location of Nikola Tesla’s birthplace in Smiljan, Croatia. Amongst others, a Science Museum and a Concert Hall with over 30,000 square meters are planned to be built on the location."

"This marks the end of the ten-year-long bankruptcy proceedings for Belvedere, and it is one of only a few cases in Croatia where the company has successfully exited bankruptcy and continued business operations through the application of a mechanism of the bankruptcy plan," according to the firm.

The Vukmir & Associates team was led by Partner Tomislav Pedisic and Attorney-at-Law Tea Cerinski and included Associate Karlo Brekalo.

Croatian Knowledge Partner

Čipčić-Bragadin Mesić & Associates is one of the leading law firms in Croatia that serve companies, credit & financial institutions and public entities. We have been recommended and recognized as the legal experts and service leaders by many leading international legal guides for more than 15 consecutive years. With roots dating from 1928. we now probably have more tradition, experience and market presence than almost any other law firm in Croatia. We work closely with the leading international law firms and consultants so we’re able to manage complex, cross-border projects and deals seamlessly and successfully. Around 85% of our clients are international enterprises doing business in Croatia. List of our clients include some of the world-renowned companies such as Amazon Europe Core, China Machinery Engineering Corporation, Tate & Lyle, Nafta a.s., Unilever Croatia, Unilever Hungary, Lenovo, Innoenergy CE, Flixmobility, Flixbus CEE South, Okoenergie Group, CTC Holding, Bunge Limited, Chipita, Rolls-Royce, Canvas Holidays, Vacalianselect, Redgate Software, Red gate Investment, Yahoo!, Aston Martin Lagonda, Domino Printing UK, Domino Printing Sciences, Goldman Sachs, Deutsche Bank, Barclays Bank, HSBC, State Street Bank, Citigroup Global Markets, Credit Suisse, Bank of America Merill Lynch, Standard Chartered, Och-Ziff Capital Management, Amundi Asset Management, Altima International, Red Arc Global Investments, SMBC Nikko Capital Partners, Royal Bank of Scotland, Morgan Stanley International, J.P. Morgan group, Allianz Global Investors, Schroders, Macquarie Bank, Digital Finance International, Winton Capital Management, Citibank, Invesco Asset Management Österreich, Croatian Pension Investment Company, Unicredit Bank AG etc. We enjoy learning about our clients’ businesses and want to understand them completely so we can provide the best possible and complete service.

All News about, and Legal Analysis by, Čipčić-Bragadin Mesić & Associates can be found here.

Firm's website: cipcic-bragadin.com

 

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