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Elan's Restructuring Smooth

Ljubljana, 12 January - COMPANIES/ELAN/RESTRUCTURING
The restructuring of Elan from Begunje, Slovenia, whose major (77 percent) owner is the bank Privredna banka Zagreb from Croatia, is running smoothly. Between April and November 1999 the business results improved in comparison to the same period in 1997 by DM 15 million. In the first ten months since the new board assumed position, the Elan group has reduced its debts by DM 10 million. Even though the Italy's bank Banca Commerciale Italia now owns over 60 percent of shares in the Zagreb bank, there are no signs of any change in Elan, either in terms of its board or a potential sale of the company.

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