The Commercial Court in Zagreb came to the conclusion that the value of the real estate of the bankrupt TOZ Penkala, the famous Zagreb pen factory, was set at HRK 81.9 million, and that they will be sold at an electronic public auction on the principle of "seen - bought".

The facility - a factory built on almost 40,000 square meters of land in Zagreb's Poljačka street, four commercial buildings and one commercial building, as well as associated supporting buildings and yards - are going 'on the drum'.

The court's conclusion also determined that at the first public auction these properties cannot be sold below three-quarters of the established value, that is, for less than HRK 61.4 million. At the next auction, they cannot be sold below half the value, at the third auction the lowest price cannot be below a quarter of the established value, so that, in conclusion, at the eventual fourth auction, these properties would be sold at the starting price of only one kuna.

The real estate is sold as a whole, it is not free from persons and things, and the seller is not obliged to dispose of industrial or other waste, it is stated in the conclusion.

Separate and sub-mortgage rights were registered on the mentioned real estate, and a record of the dispute was also registered.

The electronic public auction will be conducted by the Financial Agency.

TOZ Penkala was founded in Zagreb in 1937. At the beginning, it was a small plant for the production of pencils and pastels, which later grew into a large factory for the production of school and office supplies.

Thanks to the work of the engineer and inventor Slavoljub Penkala, after whom the TOZ factory took its name, Zagreb was once the center of pencil production. In 1906, Penkala began producing the world's first mechanical pencil, and a year later the first fountain pen.

The bankruptcy of TOZ Penkala was opened in July 2015.

Source: SEEbiz / H