Elan Management Explain Their Collective Resignation

Ljubljana, 14 February - COMPANIES/ELAN
The management board of the ski factory Elan, which resigned last Friday, explained the reasons for their decision on Monday. In a written statement, Chairman Vladimir Selebaj and the other two members, Davor Noc and Ales Jerala stated that the resignation was prompted by the fact that the Croatian bank Privredna banka Zagreb (PBZ), a 77-percent owner of Elan, was avoiding its obligations and thus putting the company's medium-term rehabilitation plan at stake. The management board understood the bank's behaviour as a withdrawal of its support for further restructuring, and so decided to step down.