Printer Friendly

Sutas to resume milk production in September.

Sutas of Turkey bought the milk company Swedmilk for 6.3 million euros. The assembly of shareholders sold Wednesday the remaining part of the bankruptcy assets. Stock breeders and other creditors will be paid 7 percent of their claims on average. Although the company had been assessed at 12 million euros, Sutas offered half as much. This was the only bid and now the new owner has full ownership of the factory including its inventory. Farmers expect the new owner to visit them in about three weeks. They hope for an additional payment considering their claims total 4 million euros.

A month and a half ago, the Turkish giant Sutas bought from NLB Tutunska banka via Balkanska mlekara (Balkan milk company) most of Swedmilk for 4.4 million euros. The equipment of the milk company was bought from the leasing company Hypo for 700,000 euros. Now that it has taken over the entire capital, the new milk company expects the facility to begin operating by end September at the latest.
COPYRIGHT 2012 Macedonian Information Centre
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:BUSINESS NEWS
Publication:INFOMAC Daily News Service
Date:May 17, 2012
Previous Article:Pesevski: export of Macedonian wine to China negotiated.
Next Article:Turkey preparing surprise, Greece veto.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters