November 12 (SeeNews) - Croatian construction company Tehnika [ZSE:THNK] said the commercial court in Zagreb has approved its request for the launch of pre-insolvency proceedings.
The court granted its approval to the request on Friday, the company said in a filing with the Zagreb Stock Exchange on Friday.
Tehnika filed for the launch of pre-insolvency proceedings last month after the previous bankruptcy request submitted by Tehnika in August was rejected. The commercial court in Zagreb said at the time it rejected the request because it was yet to rule on a similar application filed by local company Zagorje-Tehnobeton.
On September 28, Zagorje-Tehnobeton, however, withdrew its request.
Tehnika said in August it meets the preconditions for the initiation of bankruptcy proceedings after an Algerian investor cancelled a project on which it had partnered with the Croatian company, as a result of which Tehnika's bank accounts were frozen. The company noted that it could no longer conduct its regular operations.