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Dec 7, 2016

FAP Trucks * Serbia - To be nationalized

* Serbia to take control of truck maker FAP

--- Serbia will acquire a 95% stake in insolvent truck maker Fabrika Automobila Priboj (FAP) to avoid its liquidation, the Uzice commercial court said in a ruling on Thursday... The court gave the green light to the company's restructuring plan which involves the transformation of debt worth 8.693 billion dinars ($74.5 million/70.4 million euro) into capital and allows for the resumption of production activities, according to the court ruling... The Serbian Defence Ministry plans to award the company a contract for 22 trucks, managing director Milan Kostic told national broadcaster Radio Televizija Srbije (RTS) on Thursday, adding that FAP's could reach 200 in the beginning of 2017... FAP produces trucks, buses and trailers in addition to chassis and spare parts. The company was established in 1953. In 2002 the Serbian government started preparations for its privatisation.-- 
Uzice, Serbia -- Belgrade, Serbia - SeeNews - November 24, 2016



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