The Zagreb-based Radio 101 will be offered for sale, according to a conclusion adopted by a majority vote at a meeting of the creditors of the radio station, which recently went into official receivership. The meeting was held at the Commercial Court in Zagreb on Tuesday.

The radio's official receiver, Maroje Stjepovic, said that the tendering for the sale could be announced in 20 days' time after marketing and media experts appraised the value of the radio and the Electronic Media Agency issued its consent for the transfer of concession.

Croatian firms registered as radio broadcasters can offer their tenders and they will be requested to offer permanent employment contracts to the workers of Radio 101.

"The Radio 101 brand is the most valuable asset in the bankruptcy estate. Alongside estimating its value and the transfer of the concession, as there is no reason for its withdrawal, the sale of the company is the best solution for the creditors and the employees," the official receiver said.

The total debt of the radio is HRK 26 million, while the assets in the bankruptcy estate are estimated at some HRK 12 million.

The official receiver said that 7.5 million of the debt could be paid off and that a larger part of outstanding liabilities to employees could be covered, while second-line creditors, such as the finance ministry, the Hypo bank and other companies could expect the payment of two to five percent of their claims.

Stjepovic accused former management boards of being incompetent and pushing Radio 101 into this grave situation.