The Serbian government has begun bankruptcy proceedings for failing state-controlled fertiliser company HIP Azotara, and said it will cover the firm's losses so potential buyers of the company's assets will not be burdened with outstanding liabilities. The move follows a call from SeeNews for state-owned gas monopoly Srbijagas to divest its non-core assets, including Azotara, as well as MSK Kikinda and Toza Markovic. Srbijagas owns more than an 85% stake in Azotara.
The Serbian government has begun bankruptcy proceedings for failing state-controlled fertiliser company HIP Azotara, and said it will cover the firm's losses so potential buyers of the company's assets will not be burdened with outstanding liabilities. The move follows a call from the International Monetary Fund for state-owned gas monopoly Srbijagas to divest its non-core assets, including Azotara, as well as MSK Kikinda and Toza Markovic. Srbijagas owns more than an 85% stake in Azotara.