Insolvency

More than eight months after the Croatian state took control of the hugely indebted Agrokor company, the management has decided to transform debts owed to creditors into ownership of the company.

The beginning of the new millenium was a period of significant reform in Slovenia as the country prepared to join the European Union in 2004. A new insolvency law was adopted in 2007 but it was inadequate, it did not cope with the challenging economic and financial conditions brought on by the global financial crisis of 2008; many companies became insolvent.

Alpha Bank is transferring debts in its portfolio from cards, consumer loans and small corporate loans delayed between five and seven years, with a total value of 2.5 billion euros.

''The Ministry of Economy is starting active work on acquiring the ''Dunarit'' ammunition factory'', Minister Emil Karanikolov told journalists at a briefing.

The process for companies to sign up for the out-of-court debt settlement scheme after the recent launch of the online platform allowing firms to apply has proved difficult and time-consuming.

The Turkish government has collected almost 23 billion Turkish Liras ($6.5 billion) through its latest debt and tax restructuring plan, Finance Minister Naci Ağbal told state-run Anadolu Agency on June 2. 

The Turkish government has collected 21 billion Turkish Liras ($5.9 billion) in line with the latest debt and tax restructuring plan, a top official has said, adding that a fresh system would slash the need for another restructuring plan. 

The collection of expired dues resulting from unpaid Public Power Corporation (PPC) electricity bills according a specific timetable will constitute a government commitment to its creditors, to be included in the bailout review deal. The same goes for the effort to contain the phenomenon of power theft.

Let's assume that the negotiations with Greece's creditors will come to a close late one night in May with an agreement on debt restructuring and the country's inclusion in the European Central Bank's quantitative easing program. This would likely spark an investment rally and restore the markets' faith in us, possibly to a sufficient degree so they would start lending to us once more.

If Greece is to exit its financial crisis, it will require a restructuring of the national debt combined with substantial reforms, according to the Parliamentary Budget Office, which warned on Wednesday in its intermediate report on the Greek debt that restructuring alone is not the right recipe.