Business News

SCT Offers Creditors 40% Repayment in Five Years

Ljubljana, 26 January (STA) - Builder SCT, which filed for court-mandated debt restructuring at the end of December, owes creditors EUR 252.3m and is offering to repay 40% of the debt in five and a half years, according to the filing with the Ljubljana District Court, which formally launched debt restructuring on Tuesday.

Suppliers and banks have unsecured claims of EUR 197m, banks have secured claims of EUR 44m and other claims exceed EUR 11m, daily Delo reported on Wednesday.

In addition to offering creditors 40% of their money back, SCT plans to stay afloat by disposing minor equity stakes in several companies and selling real estate. The number of employees, at 1,923 in September, is projected to drop to below 1,500.

The court filing suggests that SCT had revenues of EUR 182.3m in the first nine months of 2010 and posted a loss of EUR 86.7m, up from EUR 3m in the same period the year before.

This year sales are projected to rise to EUR 216m, but the turnover is not expected to reach 2009 levels until 2016.

Meanwhile, Dnevnik reported that Ivan Zidar, SCT boss and majority owner, was planning to channel a part of SCT's business to a newly-established company, SCT Skupina.

The court filing shows that the new SCT Skupina is majority owned by a company owned by Zidar and two other senior SCT managers, while a subsidiary of SCT is the minority shareholder (49.7%).

What Dnevnik finds disputable is that the SCT subsidiary contributed EUR 8.3m to the newly-established company while Zidar and the two other executives became majority shareholders by chipping in 40% of SCT that they own.

Zidar also gained control of a former SCT subsidiary, SCT ISC Muenchen, which is one of the biggest creditors of SCT, leading Dnevnik to conclude that while Zidar is looking for a way out, he wants to retain control of debt restructuring at SCT.

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