FBiH Government: Proposal adopted to initiate extraordinary administration in Nova Željezara Zenica

(Patria) - The FBiH Government today, at a telephone session, upon the proposal of the Federal Ministry of Energy, Mining and Industry, adopted a Decision on the adoption of the Proposal to initiate extraordinary administration proceedings in the company Nova Željezara Zenica d.o.o. Zenica.

By this decision, the FBiH Government adopts the Proposal to initiate extraordinary administration proceedings in the company Nova Željezara Zenica d.o.o. Zenica, headquartered in Zenica, with the aim of preserving the debtor's business continuity by restarting production, preserving asset value, and implementing a restructuring plan.

The decision stipulates that this proposal is submitted to the Municipal Court in Zenica, as the court with subject-matter jurisdiction over bankruptcy proceedings according to the debtor's seat, i.e., the court competent to conduct extraordinary administration proceedings within the meaning of Article 15, paragraph (1) of the Law on Extraordinary Administration Proceedings in the Company Nova Željezara Zenica d.o.o. Zenica of Systemic Importance for the Federation of Bosnia and Herzegovina.

The Government of the Federation of BiH today adopted a Decision on the appointment of an extraordinary administrator in this company.

For the extraordinary administrator in the interim appointment regime under Article 135 of the Law on Extraordinary Administration Proceedings in the Company Nova Željezara Zenica d.o.o. Zenica of Special Systemic Importance for the Federation of BiH, in this company, Sena Šaranović, a graduate metallurgical engineer, was appointed, with the aim of preserving the debtor's business continuity by restarting production, preserving asset value, and implementing a restructuring plan.

This appointment is made in the interim regime under Article 135 of the Law, until the establishment of the list of extraordinary administrators, and at the latest within the deadline prescribed by Article 135, paragraph (2) of the Law.

The appointed person is obliged to complete the first training for extraordinary administrators within the deadline set by the Federal Ministry of Justice, in accordance with Article 135, paragraph (3) of the Law. This decision is submitted to the competent court together with the proposal for initiating extraordinary administration for judicial confirmation of the appointment.

The proposer states that the proposed extraordinary administrator in the interim regime meets the conditions prescribed by the provisions of the Law on Extraordinary Administration Proceedings in the Company Nova Željezara Zenica d.o.o. Zenica of Special Systemic Importance for the Federation of Bosnia and Herzegovina.