New problems for Studenac: The court is asking for an amendment to the proposal for pre-bankruptcy, salaries are questionable…

In the conclusion, the Student is ordered to submit to the court, within eight days, proof of the existence of a pre-bankruptcy reason, a list of the debtor’s assets and liabilities, financial statements not older than three months, a statement on the number of employees on the day before the submission of the proposal, and a proposal for a restructuring plan if it has been drawn up in accordance with the Bankruptcy Law.

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At the end of the conclusion, it is briefly stated that the court, if the petitioner-debtor Studenac does not act according to the order, will reject the previously submitted proposal based on the relevant provisions of the Bankruptcy Law.

According to the submitted proposal, which needs to be completed by order of the court, Studenac has slightly more than EUR 286 million in international financing arrangements of a higher order, which includes an amortizing and long-term loan, a long-term credit line, a long-term loan for capital expenditures and a revolving credit arrangement.

It also has EUR 108.5 million in revolving credit, supplier factoring and a framework for bank guarantees with domestic banks.

“Although talks with senior lenders are ongoing, it is becoming more and more likely that the debtor will not succeed in reaching an agreement with senior lenders regarding the extension of the maturity date or the refinancing of obligations under SFA (senior loans) in the foreseeable future”, states the proposal of Studenac Trgova to the Split Court.

It is added that the senior lenders have not yet initiated procedures to collect the due amounts, based on the revolving credit, but that they will probably do so in the future, especially if the 6.37 million euros of principal for the long-term amortizing loan is not paid when it is due on September 30.

Questionable fulfillment of obligations towards suppliers and employees

The proposal also states that as of September 23, 2026, Studenac had 60.6 million euros in liabilities to suppliers and 10 million euros in bank accounts. At the same time, he did not state that he had obligations for employee salaries and related taxes and contributions, which indicates that they were fully settled on that day.

“The estimated average monthly cost of ensuring a reasonable minimum level of supply of goods necessary for business is approximately EUR 48.4 million. It is clear from the table and the reasoning given in sections 2 and 3 that the estimated cash inflows (without securing external financing) are insufficient to pay the larger amounts due and the estimated costs of new supply”, it is stated in proposal.

At the end of Studenac’s proposal, it is noted that there is a danger that in two to four weeks that company will probably not be able to fulfill its obligations to suppliers and employees.

“Given the fact that it is very likely that negotiations with senior lenders and other banks on securing short-term financing will not be completed in the near future and that the debtor will not have the necessary credit lines to pay its suppliers in the ordinary course of business, the debtor will probably not will be able to fulfill its payment obligations to suppliers and employees that are due in the next 15-30 days”, warns the proposal to the court.

Studenac employs more than seven thousand people and has more than a thousand sales points.