Podgorica – Hotel – tourist enterprise Ulcinj Riviera has returned the entire debt, around 15 millions of euros with which the conditions were made for coming out of the bankruptcy – it was said yesterday on the meeting of the board of trustees of the company on which the report of the bankruptcy manager, Miomir Jaksic was adopted.
Jaksic confirmed yesterday for “Vijesti” that after the yesterday’s meeting of the board of trustees a procedure for coming out of the bankruptcy of Ulcinj Riviera was started, and it will last at least for two months.
– In that period everything will be prepared that Ulcinj Riviera is registered as a corporation society with the new management organs – pointed out Jaksic.
He said that at the meeting of the board of trustees it was said that the bankruptcy in Ulcinj Riviera was conducted successfully ands o far in the best possible way in Montenegro.
– The company is completely consolidated. We have returned guests, most of all from the foreign markets, the salaries are regularly given, taxes and contributions are regularly paid, and what is most important the property was maintained – said Jaksic.
Ulcinj Riviera has in its property hotels Bellevue, and Olimpik, nudist lodgment on Ada, two auto camps, and a warehouse which occupy the space of over 360.000m2.
Jaksic said that on the account of the company there will be 6 millions of euros left. He did not wish to speak about the further plans for Ulcinj Riviera. “Vijesti” earlier published that in the Government they are considering as one of the possibilities, separation of Ada Bojana in an individual firm because they have not planed to sell it. In that case Ulcinj Riviera would be privatized on an international open competition, while for Ada there are several possibilities such as joined investment of the state with the foreign investors, then giving under a long term lease etc. Stock share holders of Ulcinj Company, according to the Government’s plan, would not be damaged by the separation of Ada in an individual firm, because the ownership structure of Ulcinj Riviera would be reflected on Ada. In that option minor stock share holders, which are made of private funds, workers, citizens and stock buyers would get 27% of stock shares of Ada, and the Government and the state fund would be left with 73%.
– It is early to speak about that. The owners are making the decision – said Jaksic. The estimated value of Ulcinj Rivieira, with the entire property which it owned before the bankruptcy, is 81 million of euros (51 euro per stock share). According to the current stock market prices it is over 30 millions of euros (19 euros per stock share) worth.
SOLD FOUR HOTELS
Three years ago Ulcinj Riviera has sold the hotel Otrant (STRAIGHT OF OTRANTO) on Velika plaza to the Russian company Barli SK for 2, 5 millions of euros with the obligation of investment of 4, 5 millions of euros. Not long after that the American company Becovic management group bought from Ulcinj Riviera hotel Mediteran (MEDITERRANEAN) for 940.000€ with the obligation of investing somewhat more than 6 millions of euros. In September 2006, the bankruptcy management sold also hotel Galeb to Roksped for about 5, 75 millions of euros. And, finally Lido was sold for 10, 8 millions of euros, which is the biggest price for which a Montenegrin hotel was ever sold.
Ulcinj Riviera earlier has sold the suite group Old town, which is made of Castle of Balsici and Palace Venice for somewhat more than 700.000€. At almost the same price they sold the bus station on the entrance in the town.