Izzivi finančnega prestrukturiranja dolgov - primer podjetja Unior, d.d.

Požlep, Alenka

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Title:	Izzivi finančnega prestrukturiranja dolgov - primer podjetja Unior, d.d.
Authors:	ID Požlep, Alenka (Author) ID Mlinarič, Franjo (Mentor) More about this mentor...
Files:	VS_Pozlep_Alenka_2016.pdf (541,55 KB) MD5: 2C2D1EB700B2DADE0B4D097062A4D708
Language:	Slovenian
Work type:	Undergraduate thesis
Typology:	2.11 - Undergraduate Thesis
Organization:	EPF - Faculty of Business and Economics
Abstract:	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.
Keywords:	insolvenčni postopki, finančno prestrukturiranje, načela prestruktruriranja
Place of publishing:	Maribor
Publisher:	[A. Požlep]
Year of publishing:	2016
PID:	20.500.12556/DKUM-58960
UDC:	658.14/.17
COBISS.SI-ID:	12504860
NUK URN:	URN:SI:UM:DK:ZNWDY0KR
Publication date in DKUM:	05.10.2016
Views:	1945
Downloads:	201
Metadata:
Categories:	EPF
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Secondary language

Language:	English
Title:	Challenges of financial debt restructuring - example of the company Unior, d.d.
Abstract:	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.
Keywords:	insolvency procedure, financial restructuring, principles of financial restructuring

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