Company building RS highway goes bankrupt

Slovenian company CPM which was contracted to build a highway in the Republic of Srpska (RS) is facing bankruptcy.

Izvor: B92

Wednesday, 01.09.2010.

13:08

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Slovenian company CPM which was contracted to build a highway in the Republic of Srpska (RS) is facing bankruptcy. The company faces unpaid bills worth EUR 200,000, according to reports. Company building RS highway goes bankrupt The Maribor-based road construction firm earned itself a place in the spotlights in Slovenia after a controversial attempt of the management to take over the Pivovarna Lasko brewery. According to media, which have been investigating the company’s solvency for quite some time, two creditors to whom CMP owes EUR 200,000 filed bankruptcy requests on Thursday. The Slovenian company signed a contract for the construction of the highway between Banja Luka and Doboj worth EUR 300mn after the Bosnian Serb entity's government terminated a previous contract it signed with Austrian Strabag. The Austrian firm failed to provide funds for the project. The final decision to award the job to the Slovenian company, whoever, is still pending, with RS Prime Minister Milorad Dodik requesting that CPM submit evidence proving its financial status in the next two months. Dodik was quoted as saying that it was irrelevant whether the company had financial problems as long as it managed to get EUR 300mn in bank loans within the envisaged deadline. Otherwise the job will be offered to another company, he said. According to Dodik, the project was offered to CPM after it gained supported from Slovenian PM Borut Pahor. Still, the RS PM said he expected bank guarantees, and added that a company that left the project would have to pay compensation to the RS government in the amount of EUR 9mn.

Company building RS highway goes bankrupt

The Maribor-based road construction firm earned itself a place in the spotlights in Slovenia after a controversial attempt of the management to take over the Pivovarna Laško brewery.

According to media, which have been investigating the company’s solvency for quite some time, two creditors to whom CMP owes EUR 200,000 filed bankruptcy requests on Thursday.

The Slovenian company signed a contract for the construction of the highway between Banja Luka and Doboj worth EUR 300mn after the Bosnian Serb entity's government terminated a previous contract it signed with Austrian Strabag.

The Austrian firm failed to provide funds for the project.

The final decision to award the job to the Slovenian company, whoever, is still pending, with RS Prime Minister Milorad Dodik requesting that CPM submit evidence proving its financial status in the next two months.

Dodik was quoted as saying that it was irrelevant whether the company had financial problems as long as it managed to get EUR 300mn in bank loans within the envisaged deadline. Otherwise the job will be offered to another company, he said.

According to Dodik, the project was offered to CPM after it gained supported from Slovenian PM Borut Pahor. Still, the RS PM said he expected bank guarantees, and added that a company that left the project would have to pay compensation to the RS government in the amount of EUR 9mn.

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