Popular Croatian Company ”Hangar 18” Has Accounts Blocked

Lauren Simmonds

As Poslovni Dnevnik writes on the 31st of July, 2019, the Croatian company owned by Mario Kralj stated that after fifteen years of engaging in successful business, it is now entering a restructuring phase.

All the accounts belonging to the Croatian company ”Hangar 18”, which comes from the continental town of Koprivnica and is best known for its popular NOA mobile phones, have now been blocked.

According to the local portal Danica.hr, one commercial bank blocked Hangar 18’s account, which had an extraordinary amount of money on it, on Tuesday.

According to official figures, Hangar 18’s short-term liabilities (mainly to creditors) jumped up by as much as 45 percent last year to close to a massive 84 million kuna. The company’s long-term liabilities also increased from 23 million kuna to 25 million kuna.

Over the past year, liabilities to this Croatian company’s numerous suppliers have doubled – from seven million kuna to more than double, up to fifteen million kuna. As previously mentioned, Koprivnica’s Hangar 18 is now entering into a business restructuring phase.

“After fifteen years of successful operations, Hangar 18 is currently in a restructuring phase, which means that it will try to find the best solution for the current situation in consultation with the banks. On the other hand, given the number of employees, the activities it deals with and the markets in which it operates, Hangar 18 will make certain organisational changes and introduce improvements to its business processes.

It is in everyone’s interest that this company, with its 100 employees, survives on the market and continues to function normally, as in addition to operating in Croatia, it operates in eight other countries,” stated a press release that came from Hangar 18 after the media began publishing reports on its current business problems.

Make sure to follow our dedicated business page for much more on Croatian companies, startups, and investments. For more news on Croatian companies and products, give our Made in Croatia page a follow.


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