Slovenia’s Tuš Group has commenced a process of 'preventive restructuring', with the rescheduling of its financial liabilities until 2020.
The agreement, on the restructuring of the retail and real-estate group, was confirmed by a Slovenian court in May. With €380 million in outstanding loans, Tuš Group agreed with creditors in January the rescheduling of its financial obligations.
Between now and 2020, Tuš will have to divest €100 million of assets, focusing on its core retail activities, and repay an additional €30 million from operating profits.
Earlier this month, Tuš Group sold its Planet Tuš Koper shopping mall to South African real-estate fund Greenbay, although it will remain the largest tenant.
Celje-based Tuš has approximately 350 supermarkets and cash-and-carry stores in Slovenia, both owned and franchised.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.