A decision on whether the transport company Lasta will enter bankruptcy is expected in just over three weeks.
According to information published on the Belgrade Stock Exchange website, an extraordinary session of Lasta’s Shareholders’ Assembly has been scheduled for 15 December. At this meeting, shareholders are expected to vote on a proposal authorizing the company to file a petition for the launch of bankruptcy proceedings, followed by reorganization under a pre-packaged reorganization plan (UPPR). The Assembly will also elect a new chairperson. The record date has been set for 5 December, meaning only shareholders registered on that day can participate.
Lasta’s majority owner is the company Strela-Obrenovac, which holds an 84.8% stake. Although Lasta has been operating at a loss for years, the company owns valuable assets, estimated at 8.9 billion dinars at the end of last year. The value of its property increased after it converted its land-use rights into full ownership, and much of that land is located along the motorway.
However, unlike its assets, Lasta’s business performance has not improved. Almost all of its bus stations have closed, and the company faces a large number of lawsuits. Hundreds of employees—some estimates say as many as 1,000—have sued Lasta for unpaid wages and social contributions. If the company enters bankruptcy, these workers are unlikely to recover the full amounts they are owed.
