Spasojevic to remain owner of ITM? – Businessman looking to buy his own company out of bankruptcy

ITM Group, which is being sold out of bankruptcy, will be bought by its co-owner Toplica Spasojevic.

He told Beta that he would not allow anyone else to buy the company as he didn't want to leave the business based on the import of goods, but that it was only “a restructuring through bankruptcy” and that ITM Group would be bought by another company under his control.

The bankruptcy supervisor has advertised the sale of ITM Group as a legal entity through public bidding, as bankruptcy proceedings were initiated at the company in late October 2017 since it had failed to adhere to the Pre-Packaged Reorganization Plan (PPRP), adopted in 2014.

The motion to have the bankruptcy proceedings initiated was made by the state, that is, the Deposit Insurance Agency, and representatives of two banks in bankruptcy – Univerzal Banka and Privredna Banka Beograd, which is also owned by the state.

Spasojevic said that “everything is under control and the banking debts have been bought out by a Russian partner”.

– We've made an agreement with banks, that has been solved, and ITM Group will be restructured through a purchase out of bankruptcy – Spasojevic said.

When asked why the company started experiencing these troubles, Spasojevic said that the problems had started in 2008 with the economic crisis.

– ITM Group is one of the biggest importers, we import the goods of world brands and, in the first wave in 2008, we lost 7 to 8 million euros and then nearly as much in the second wave of the crisis – Spasojevic said and added that they had companies in Cyprus and Macedonia and that “everything will be known in a month when the purchase out of bankruptcy is finalized”.

Officially, the owner of ITM Group is Dagenam from Cyprus, owned by Spasojevic and Sinisa Rakovic in equal parts.

ITM Group d.o.o. Beograd

Agencija za osiguranje depozita Beograd

UBB Univerzal a.d. Beograd

Privredna banka a.d. Beograd

ITM Group

Dagenam

Toplica Spasojevic

sale of ITM Group

Deposit Insurance Agency

Univerzal banka

Privredna banka Beograd

restructuring of ITM Group

Sinisa Rakovic