The accounts of the Studenac chain are frozen at 29 million euros in outstanding liabilities, with the block initiated by ten companies, primarily banks. The largest individual blocker is ZABA with almost 12 million euros, while OTP has blocked accounts with 8.6 million euros and HPB with seven million euros.
In addition to the account freeze, A&G Logistics has requested the Commercial Court in Split to open bankruptcy proceedings against Studenac. The company states that Studenac owes it 800,000 euros for logistics services provided. It asks the court to promptly initiate the preliminary procedure for determining the prerequisites for opening the bankruptcy proceedings. It also requests the appointment of an interim bankruptcy administrator and a ban on disposing of assets without the administrator's consent.
On the other hand, Studenac is asking the court to open pre-insolvency proceedings as soon as possible, as proposed. In the proposal, they stated that they employ more than 7,000 employees in 1,400 stores across the country. The company accused the creditor of blackmailing them with the threat of bankruptcy, and published part of an email sent by A&G Logistics to the debtor in Omis. The creditor, in turn, announced a criminal complaint against Studenac.
The creditor warns the court that the chain has at least twice the amount of short-term liabilities, 316 million euros, compared to short-term assets of 143 million euros. The debtor reports a positive capital of 34.2 million euros due to goodwill of 275 million euros. Goodwill accounts for 39 per cent of total assets of 700 million euros and is eight times the reported capital. Without goodwill, the debtor's capital amounts to 240.8 million euros.
Studenac is responding by announcing legal action against the creditor. The chain has 45 active proceedings in courts across the country and 24 different inspectorate proceedings. The company states that it has no outstanding obligations to current or former employees in terms of salaries, severance pay, taxes, and contributions. The monthly operating cost is on average 77 million euros, of which 12 million euros relates to personnel costs, and salaries account for 7.4 million euros.
In the proposal for the initiation of pre-insolvency proceedings, the chain stated that it is uncertain whether it will be able to pay the due obligations to suppliers and employees in the next 15 to 30 days. The pre-insolvency procedure lasts at least 300 days, during which no one can enforce or collect old debts. The Polish owners would still have control over the company, with the aim that part of the debt is forgiven, part is granted a payment holiday, and part of the claims are exchanged for equity in Studenac. It is reported that some suppliers have already pulled the brake, while the debtor is backed by Polish funds and capital. The debtor is primarily seeking pre-insolvency, while the number of employees is more than 7,000.
