CROATIA: Varazdinska Banka Guarantees Varteks Debt Repayment
Indebted Croatian textile company Varteks has revealed that it has been backed by Varazdinska Banka, a Croatian commercial bank, to guarantee the repayment of the company's outstanding debts. The Croatian government had initially extended its own state guarantees, worth around 35m DEM ($16.7m), on the company while it underwent reorganisation between 1996 and 1997but now the company has received a 10m DEM ($4.8m) guarantee loan from the Varazdinska Banka.
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