20.500.12556/DKUM-58960 Izzivi finančnega prestrukturiranja dolgov - primer podjetja Unior, d.d. Challenges of financial debt restructuring - example of the company Unior, d.d. V nalogi smo se osredotočili na problem prezadolženega gospodarstva, ki po nastanku krize leta 2008 ni bilo več sposobno odplačevati svojih dolgov po predvideni pogodbeni dinamiki. Zaradi nezmožnosti uskladitve interesov vseh pogodbenih partnerjev, je to za gospodarstvo pomenilo potencialno nevarnost insolventnosti in posledično stečajev. V teoretičnem delu naloge obravnavamo problem finančnega prestrukturiranja nelikvidnih podjetij kot globalen problem in kot problem slovenskega gospodarstva, ki ga je možno reševati znotraj zakonskih in izvenzakonskih postopkov. V Sloveniji zakonsko podlago daje Zakon o finančnem poslovanju, postopkih zaradi insolventnostni in prisilnem prenehanju (v nadaljevanju ZFPPIPP). Kot pomanjkljivost zakonskih postopkov ocenjujemo nezmožnost pridobitve likvidnih sredstev, saj konverzija terjatev v kapital ne zagotovi likvidnosti podjetju, upniki pa niso pripravljeni vložiti dodatna sredstva za obratni kapital. V empiričnem delu naloge smo preučevali primer finančnega prestrukturiranja družbe Unior. Prikazali smo primer podjetja, ki ga je svetovna gospodarska kriza močno prizadela. Na podlagi analize finančnih izkazov pred začetkom postopka menimo, da je bilo finančno prestrukturiranje nujno. Ocenili smo učinke prestrukturiranja na poslovanje in finančni položaj podjetja. Po našem mnenju je prestrukturiranje podjetja, ki je še v izvajanju, uspešno in daje podlago za nadaljnje poslovanje in vračilo finančnega dolga. V sklepnem delu poudarimo pravočasnost reagiranja vodstva z namenom preprečitve insolventnosti in ocenimo uspešnost programa prestrukturiranja družbe Unior. V primeru Uniorja ocenjujemo, da so bili izvenzakonski postopki reševanja podjetja primerni, saj so omogočili hitro in učinkovito reagiranje. V izvenzakonskih postopkih je predvsem bistvenega pomena odgovorno in strokovno vodstvo z visokimi načeli korporativnega upravljanja. The focal point of our thesis is the problem of over-indebtedness in the economy. As the crisis burst out in 2008, many companies were not able to repay their debt burdens in accordance with required contractual dynamics. Additionally, non-coordination of interests among contracting parties led to an increasing probability of insolvency and bankruptcy procedures. The theoretical part of the thesis focuses on the problems that illiquid companies face when dealing with financial restructuring. We argue that this is not only a problem of the Slovenian economy but also a problem on the global level. The Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act represents the legal basis for the restructuring process in Slovenia. In our opinion, the main downside of the Act is that company in not able to get liquid assets. The Act allows the conversion of liabilities into capital, but this does not insure liquidity to the company. Therefore, it disables companies to acquire liquid assets as creditors are unwilling to invest additional assets for turnover capital. In the empirical part of master thesis we provide a detailed analysis of financial restructuring on the example of public limited company Unior d.d., which was hevily affected by the financial crisis. Based on the analysis of financial statements before the restructuring procedure we find that it was necessary. Additionally, we evaluate the effects of restructuring on the company’s operations and financial position. We argue that the ongoing restructuring process is successful and as such provides a basis for further operations and financial debt payback. We conclude the thesis by emphasizing the importance of dealing with insolvency problems in a timely manner and evaluate the restructuring program carried out by Unior d.d. Moreover, we argue that the non-legislative procedures of the restructuring program were adequate as they enabled fast and effective reactions. We find that the essence of non-legislative procedures lies in responsible and professional corporate governance with high moral and ethical standards. insolvenčni postopki finančno prestrukturiranje načela prestruktruriranja insolvency procedure financial restructuring principles of financial restructuring true true false [A. Požlep] Slovenski jezik Angleški jezik Diplomsko delo 2016-05-02 10:48:50 2016-10-05 09:25:07 2022-06-19 03:06:09 2019-07-11 10:57:43 2016 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14/.17 12504860 URN:SI:UM:DK:ZNWDY0KR VS_Pozlep_Alenka_2016.pdf VS_Pozlep_Alenka_2016.pdf 1 2C2D1EB700B2DADE0B4D097062A4D708 5265deb672fbc051ee9c4bff1dae3df2fafd1a52aeef184a5102527fa052cf15 d4093e45-7c0c-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=95933 Ekonomsko-poslovna fakulteta 0 0 0