BAMC disagrees with the contents of the decision on the commencement of compulsory settlement proceedings against Sava and will appeal against it. BAMC nevertheless welcomes the decision of the District Court in Ljubljana to commence the compulsory settlement proceedings against the debtor, however the ruling poses more questions than it provides the answers, which the court itself admits in the wording of the decision.
Thus, all proposing creditors have now been given the status of the initiator of the compulsory settlement, and may as such engage in all activities in compulsory settlement proceedings, including the proposal of financial restructuring plan.
The court entirely overlooked the element of personal connections between the companies Sava and Gorenjska banka, which has clearly been identified by the market regulator, the Bank of Slovenia, in its decision on the commencement of the proceedings to withdraw Sava d.d.’s qualified share in Gorenjska banka.
Also, surprisingly, the court disregarded the explicit instructions of the Higher Court of Ljubljana, stating that the mandate for leading the compulsory settlement should be bestowed upon the creditor who has the ability to carry out the compulsory settlement. Given that BAMC has approximately 123 million EUR of claims against Sava, no financial restructuring plan can be approved without BAMC’s support.