Podravka d.d. Management Board announcement on payment of the guaranteed bill issued to Fima Grupa d.d.
Pursuant to the Capital Market Law and the Rules of the Zagreb Stock Exchange we hereby inform you that on 25th January 2010 Erste Factoring d.o.o. called Podravka d.d. as the Guarantor to pay its liabilities from the Financing contract based on a backed bill, signed with Fima Grupa d.d. as the Client and Podravka d.d. as the Guarantor.
Pursuant to the Capital Market Law and the Rules of the Zagreb Stock Exchange we hereby inform you that on 25th January 2010 Erste Factoring d.o.o. called Podravka d.d. as the Guarantor to pay its liabilities from the Financing contract based on a backed bill, signed with Fima Grupa d.d. as the Client and Podravka d.d. as the Guarantor.
To pay this liability amounting to HRK 102,609,752.86 Podravka d.d. will in majority use a short-term loan given by the Erste Steiermärkische Bank d.d. Rijeka, while a minor part will be paid from its own equity. The above mentioned refinancing is a part of an arrangement reached with the largest creditors of Podravka d.d., whose claims are partially due in the first quarter of 2010.
After settling this liability, Podravka d.d. will start a procedure to collect the amount in question from Fima Grupa d.d., i.e. its legal successors, by using the regress right.
This liability is a part of the earlier announced risks of HRK 310 million and is the only risk of outflow found up to the moment of this announcement.
