VUKMIR + ASSOCIATES have advised the majority creditors and the bankruptcy administrator in the process of successful restructuring and exit from bankruptcy of the Dubrovnik based leisure and hospitality company BELVEDERE d.d.
The process involved corporate reorganization and financial restructuring of the company through HRK 17,5 mil debt-to-equity swap for the majority creditors and HRK 44,9 mil investment into the company by one of the creditors. After exiting the bankruptcy, the company will concentrate its business activities on development of the location of Nikola Tesla’s birthplace in Smiljan, Croatia. Amongst others, Science Museum and a Concert Hall with over 30,000m2 are planned to be built on the location. VUKMIR + ASSOCIATES has provided full legal service, while Mazars Croatia acted as financial and tax advisor.
This marks the end of 10-years long bankruptcy proceedings for BELVEDERE, and it is one of only few cases in Croatia where the company has successfully exited bankruptcy and continued business operations through application of a mechanism of the bankruptcy plan (restructuring in bankruptcy).