Thursday, April 2, 2009

Trading in Istrabenz suspended over insolvency

"Trading in shares in Slovenian energy and tourism group Istrabenz (ITBG.LJ) has been suspended until April 17 due to the company's insolvency after it failed to reach a deal with creditors, the Ljubljana bourse said on Thursday.

There was no trading in the shares on Thursday but the price fell 3.46 percent to 8.46 euros in thin volume on Wednesday, the day after the company declared itself insolvent. Over the past year the share price has dropped by 91 percent.

Under Slovenian law the company has 60 days to reach a deal with creditors on debt repayment otherwise it has to go into bankruptcy which would be the biggest corporate failure in Slovenia in the last decade."

Source: Reuters