Serbia will provide guarantees for a loan of nearly €70 million to state-owned Galenika, the country’s biggest state-run drugmaker, Bloomberg reports. The company will use the funds to repay over €40 million in short-term liabilities and buy raw materials.
The company is also in talks with the lenders for a seven-year loan with a two-year grace period. Galenika will also begin its own wholesale and distribution under a restructuring plan. The company suffered a loss of €14 million last year on a €90 million turnover.
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