Journalists Welcome Takeover of Croatia Media Giant

Marijan Hanzekovic, the new EPH owner. Photo: Nacional.

Viktor Vresnik, the editor-in-chief of the daily newspaper, welcomed on Monday the end of the long pre-bankruptcy procedure at media company Europa Press Holding, EPH, which saw its ownership change hands.

“The editorial team can only welcome the conclusion of the pre-bankruptcy settlement,” Vresnik told BIRN.

Well-known Croatian lawyer Marijan Hanzekovic took control of EPH on Friday when he was confirmed as the company’s largest shareholder. Hanzekovic offered a plan of financial and operational restructuring and will become the owner of 90 per cent of the shares.

EPH’s 18.3 million euro debt was transformed into stocks bought by Hanzekovic.

Vresnik said that the future of his newspaper was now in the hands of Hanzekovic, who is currently representing Zagreb Mayor Milan Bandic, who is under investigation for corruption.

“Jutarnji list is a very influential media outlet in Croatia and I am sure that the new owner will take that into account when creating his publishing and business policy,” Vresnik said.

Hanzekovic said on Friday that dramatic changes were not imminent.

“First we have to see in what state is the company, which has to be restructured in accordance with the decision of the pre-bankruptcy settlement,” he said.

EPH’s total debt for unpaid loans is 55.8 million euro to private banks, the state Croatian Bank for Reconstruction and Development and other big companies. All banks restructured their loans in accordance with the pre-bankruptcy settlement.

An additional 22 million euro is owed subcontractor companies, while debts to the Croatian state amount to 1.9 million euro.

It is so far unknown whether Hanzekovic intends to keep hold of EPH or sell it on again.

The company was founded in 1990 by Ninoslav Pavic when it started publishing influential political magazine Globus. The position of Pavic and EPH’s other senior executive, Peter Walter Imberg, have now been thrown into uncertainty by the takeover.