Studenac asks court to dismiss A&G Logistika 01 bankruptcy petition; A&G demands immediate opening of proceedings

Retail group Studenac has asked the Commercial Court in Split to dismiss a bankruptcy petition filed by A&G Logistika 01, while A&G has replied by demanding that bankruptcy proceedings be opened immediately, according to filings made on 29 September 2026.

In its submission to the court, Studenac described A&G’s move as an abuse of procedure and said the transport company filed its petition despite being aware that Studenac was preparing an application to open pre-bankruptcy (pre-structuring) proceedings. "The proposal by A&G to open bankruptcy proceedings against a debtor in pre-bankruptcy proceedings constitutes an abuse of procedural powers," Studenac wrote.

A&G Logistika 01 contests Studenac’s account and insists the retailer is overindebted, which under the law is a ground for bankruptcy rather than pre-bankruptcy relief. In its response to the Commercial Court in Split A&G argued that Studenac submitted its pre-bankruptcy proposal after learning that A&G had filed for bankruptcy and that, "That is why, in order to prevent the petitioner and other creditors from filing a petition to open bankruptcy proceedings, the debtor submitted the proposal without the documentation that the Bankruptcy Act prescribes as mandatory."

Financial claims and disputed balance-sheet items

A&G says that after removing goodwill — an intangible asset that it says cannot be used to repay creditors — Studenac’s liabilities exceed its assets by roughly €240 million. A&G points out that Studenac reports positive capital of 34.2 million euros thanks to goodwill of 275 million euros, which represents about 39% of the company’s total assets.

"Goodwill is not independently liquid, cannot be sold or pledged separately and cannot be used to satisfy creditors," A&G states in its filing. The company also alleges that Studenac misclassified loans totalling €211 million as long-term liabilities when auditors reclassified them as short-term after breaches of contractual terms. "If presented correctly, current liabilities as of 31 August 2026 would amount to €527.4 million, almost four times current assets," A&G adds.

Studenac, which operates more than 1,000 retail outlets and employs over 7,000 people, says A&G’s assertions are sweeping and unfounded and that the true aim is to block a legitimate pre-bankruptcy procedure and secure a privileged recovery position ahead of other creditors. The retailer has warned that opening bankruptcy proceedings would put the jobs of its more than 7,000 employees at serious risk.

The two filings also set out the narrower commercial facts behind the dispute: A&G filed for bankruptcy over a claim of €800,000. A&G Logistika 01 was established in 2023 and reported revenues of about €900,000 last year; its owner, Antonija Gavranović, also runs the transport firm Marco-usluge, founded in 1991, which posted revenues of €9.46 million last year. Studenac’s bank account has been blocked, and the company says it asked for pre-bankruptcy protection because it may face problems meeting obligations to suppliers and staff within the next 15 to 30 days.

Both sides indicate they may pursue further legal steps. The dispute is currently before the Commercial Court in Split, which will decide whether to reject A&G’s bankruptcy petition or to admit the case and set further procedure.

Photo: press material from the event