Account of Institute Igalo unblocked

Today, the account of the "Dr. Simo Milošević" Institute has been unblocked after over 200 days, since 8 December 2023. The Government and minority shareholder, Vile Oliva Company, have each contributed five million euros to unblock the Institute's account, all within the framework of lawful state aid.

This resolves the issue of a debt owed to Jugobanka in the amount of approximately seven million euros, which was the primary reason for the prolonged blockade and marks the first step towards the Institute's rescue and development.

This action fulfills the Government's commitment to provide five million euros, matched by the minority shareholder, through an interest-free loan.

Simultaneously, today, two months' back wages have been paid to the employees, ending months of uncertainty and reflecting the dedication of the staff to ensure the survival of the Institute and care for its patients.

This is just the first step in addressing the Institute's longstanding accumulated issues.

The next step is to develop a Restructuring Plan within a period not exceeding six months, aimed at stabilizing the Institute's operations currently burdened with significant debts, both to creditors and employees.

By strategically addressing these long-standing challenges, we aim to provide security for employees, creditors, and all users of this unique rehabilitation center.