Fidelinka in bankruptcy

The Court of Commerce in Subotica has initiated the bankruptcy proceedings against Fidelinka since it has failed to reach an agreement with AIK Banka, one of its largest creditors.

Zoran Stojanovic has been appointed as Fidelinka's bankruptcy manager, while the first hearing is scheduled for September 16. That is when the decision will be made on further course of the bankruptcy proceedings. The company's business account has been blocked for over a year, after AIK Banka and other business banks issued bills for collection of their claims.

The value of Fidelinka's shares has been dropping significantly over the last year or two, so that their price on the Belgrade Stock Exchange yesterday (July 28, 2010) amounted to RSD 190, which means that the company's market capitalization reached the value of RSD 279.5m (EUR 2.6m). The shares of Fidelinka reached their historical maximum on the last day of August 2007 when they were worth RSD 4,995 per share.