From the moment of finality of the Prepackaged Plan of Reorganization on 1 June 2015, Tigar ad Pirot is intensively working on the implementation of the program of reorganization and on servicing of obligations under the provisions of this Plan.

In the company are pointing out that the key to the realization of the Prepackaged Plan of Reorganization lies in the long-term sustainability of the business. Although the half-year result shows an increase in operating revenues of 7 percent compared to the previous year, as well as better business results of all the members of the Tigar group both on individual and on a consolidated basis, we still have lots of challenges and strategic decisions ahead us in order to preserve the system. The Prepackaged Plan of Reorganization gives us more tools and possibilities and the management of the company is working intensively on their application for the financial restructuring could yield adequate results. Therefore, on September 11, the Agency for Business Registers has stated by its respective resolution the status change implying the merger of the parent company Tigar AD and its production entities - Tigar Rubber Footwear, Tigar Technical Rubber Goods and Tigar Chemical Products, which have so far existed as a limited liability companies.

According to the aforementioned Prepackaged Plan of Reorganization, a part of the funds intended for the debt servicing should be also provided by selling a part of the assets that are not essential to its core business, which the company has launched last week. In parallel with this, the company itself is continuously working on improving the performance of the entire system.