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.