Julius Fund Acquires Steklarna Rogaska Glassworks

The Julius fund, owned by the asset management firm Zvon, acquired glassworks Steklarna Rogaska for SIT 2.5bn (EUR 10.43m), Steklarna Rogaska CEO Robert Licen told STA on Monday, 4 December.

According to Licen, the Julius fund will spend an additional SIT 1bn (EUR 4.17m) on a capital increase, allowing the beleaguered glassworks to repay all of its outstanding bankruptcy protection claims.

Rogaska´s debtors include Slovenia´s three largest banks, Nova Ljubljanska banka, Nova Kreditna banka Maribor and SKB. The banks had converted their outstanding claims into ownership stakes on January.

In line with Rogaska´s restructuring plan, the separate owners would get 100% of their claims repaid, while ordinary debtors would get back 20% of their claims.

Steklarna Rogaska filed for bankruptcy protection at the beginning of 2005. At the time, the management estimated Steklarna Rogaska´s debts at SIT 12.6bn (EUR 52.6m), including over SIT 9bn (EUR 37.5m) owed to banks.

Zvon is owned by the Krekova druzba investment fund manager, a company affiliated with the Slovenian Roman Catholic Church.