Accounts blocked for months: Bobar's "Elvako" heading for bankruptcy?

Transaction accounts of the company "Elvako", which operates as part of the Bobar group from Bijeljina, have been blocked for months by several creditors due to due and unpaid obligations, so there are justified reasons for opening bankruptcy proceedings in this company, as stated in the report of the independent auditor who reviewed the financial statements of this company for 2014, reports the Patria News Agency.

The independent auditor stated that the company "Elvako", which employed 157 workers at the end of December last year, reported a business loss of 3,330,711 KM for 2014, and that the short-term liabilities of this company exceed its current assets by 7,861,016 KM.

The independent auditor also determined that "Elvako's" long-term loans amount to 12,227,480 KM, while short-term liabilities amount to 8,010,735 KM.

And while the share capital of this business entity amounts to 12,738,345 KM, on the company's real estate with a book value of 18,047,388 KM, a pledge has already been registered in favor of Hypo Alpe Adria Bank Banja Luka, IRB Banja Luka, and a pledge in favor of Bor banka Sarajevo for a loan of a related party "Bobar Autosemberija".

The loans were once taken out for new investments and to maintain current liquidity, writes capital.ba.