Prisilna poravnava na predlog upnikov in primer Cimos d.d.

Papler, Ana (author), Simoneti, Marko (mentor)

Upniška prisilna poravnava je eden izmed sodnih postopkov, ki jo je možno voditi zoper nesolventnega dolžnika in je obravnavana v prvem delu magistrske naloge. Namen upniške prisilne poravnave je vzpostaviti vnovično solventnost ter likvidnost dolžnika ob hkratni aktivni vključitvi upnikov (zlasti bank) v postopke finančnega prestrukturiranja. Državne pomoči so z določbo 1. odstavka 107. člena PDEU načeloma prepovedane in jih je dopustno dodeliti zgolj pod določenimi pogoji, izpolnjenost katerih presoja Komisija. Magistrska naloga v drugem sklopu pokriva zlasti državne pomoči pri prestrukturiranju ter državne pomoči pri privatizaciji. Navedena postopka si v praksi pogosta sledita kot sledeči si fazi v postopku prodaje podjetja. Zoper družbo Cimos d.d. je bil v l. 2014 sprožen postopek upniške prisilne poravnave, ki je pravnomočno končan. Navedenega leta je Komisija začela postopek formalne preiskave zaradi državne pomoči, ki je bila družbi Cimos d.d. v l. 2013 dodeljena z namenom rešiti družbo pred stečajem. Stečaju se je družba zaenkrat uspela izogniti, vendar pa je postopek prodaje močno otežen zaradi omejitev, ki so vezane na dodeljeno državno pomoč. Družba zaradi načela zasebnega prodajalca ne sme

• Language: Slovenian
• Keywords: upniška prisilna poravnava, povečanje osnovnega kapitala, konverzija terjatev, likvidacijska vrednost, državne pomoči, prestrukturiranje, privatizacija, načelo tržnega prodajalca
• Work type: Master's thesis/paper
• Organization: PF - Faculty of Law
• Year: 2017
• PID: 20.500.12556/RUL-91119
• COBISS.SI-ID: 15491409
• Publication date in RUL: 21.03.2017

Secondary language

• Language: English
• Title: Creditors' compulsory settlement and the case of Cimos d.d.

Abstract

Creditors’ compulsory settlement is a type of legal proceeding that is held in court against insolvent debtor and is examined in first part of master thesiss. The purpose of credtitors’ compulsory settlement is to allow partial remission of debt based on a majority resolution of the creditors with the goal of reconstruction of the debtor’s undertaking. State aids are generally prohibited by Article 107, paragraph 1 of TFEU. Nonetheless some state aids are still premmittable under certain conditions. If a company in trouble receives state aid, European Comission has to be notified. Master thesiss examines the restructuring aid and aid for privatisation. Normally privatisation process follows the restructuring process. Process of restructuring is executed with the purpose of maximazing the price for which the company will be sold in the process of privatisation. The credtitors’ compulsory settlement proceeding was held against debtor Cimos d.d. from year 2014 to year 2015. In year 2013 Cimos d.d. received a state aid in amount of 97 mio euros. European Comission approved restructuring aid. The main creditors and Republic of Slovenia agreed to restructure Cimos’ debt through a debt-for-equity conversion. Currently the company is in the process of being sold, but the process is made difficult due to limitations that steam from state aid. The Market Economy Vendor principle has to be satisfied which means that the company must not be sold for lesser amount than the company's assest liqudation value.

• Keywords: creditors' compulsory settlement, increase in share capital, debt-for-equity conversion, liquidation value, state, restructuring, privatisation, Market Economy Vendor Principle