After eight years MIP to be sold through a Dutch company

The Troostwijk Auctions BV company already paid a visit to MIP

At the start of the bankruptcy proceedings, on the 7th of April 2009, the bankruptcy estate was valued at a good 46 million euros. In the last sale attempt the value fell below 10 million euros. Foto: Mojca Dumančič

Marko Zaman, the new official receiver of MIP, signed a deal on the sale of MIP's bankruptcy assets with the Troostwijk Auctions company. The court gave its approval for the deal. MIP's former official receiver is appalled.

The Dutch company already paid a visit to MIP. Three years ago, on the initiative of the Bank Assets Management Company (BAMC) which has the rights over MIP's real estate, Troostwijk Auctions BV wanted to purchase MIP's meat processing machinery. At that time the Nova Gorica courthouse opposed the purchase. According to the MIP's former official receiver, Miroslav Benedejčič, the reason was that the building without the machinery had no real value. The new official receiver, Marko Zaman, has now apparently managed to convince the court and creditor's committee of the true qualifications of the Dutch company in selling MIP's entire complex at Kromberk. If the sale for the entire complex falls through, it will then be sold part by part.

A commission for the Dutch
We asked Mr. Zaman about the commission supposed to be paid to the Dutch company for selling MIP's assets, but he declined to comment on any figures. He did stress though that "the commission is insignificant for MIP's creditors, because it will be paid by the purchaser." The sale strategy has three steps – the Dutch will first make an offer for the purchase of MIP as a whole, while the second step will be collecting the binding bids for the sale of the entire complex. The third step will be selling the company part by part, in the case that the Dutch fail to find a buyer for the entire MIP. After eight years the story of the sale of MIP is actually repeating itself. The first official receiver, Benedejčič, spent a long time trying to cash in MIP's entire complex in Kromberk, but failed after more than ten attempts to sell the company. He was then replaced by Zaman. The story now starts anew.

3.3 milion euros still owed to workers
During the eight years and numerous failed sale attempts the value of the bankruptcy assets has fallen drastically. At the start of the bankruptcy proceedings, on the 7th of April 2009, the bankruptcy estate was valued at a good 46 million euros. In the last sale attempt the value fell below 10 million euros. Zaman declined to comment the price the Dutch would demand for the purchase of MIP.

Mojca Dumančič; translated by K. J.