The Serbian Ministry of Economy will try to provide assistance and reorganize through bankruptcy those companies within the Nibens Group that are not under the authority of the Privatization Agency, Minister of Economy Nebojsa Ciric said in Sremska Mitrovica on Wednesday.

"We will work together with banks to try to reorganize each individual company through bankruptcy," Ciric told reporters.

The Privatization Agency terminated on Thursday the sale contracts for four Nibens Group companies citing failure to meet contract requirements. The companies are PZP from Belgrade, Novi Sad based ZGOP, Buducnost from Presevo and Vojvodina-Backaput from Novi Sad.

The ministry is required to stabilize the situation in the companies whose privatization contracts have been terminated, Ciric explained. Employees of these companies demanded solutions to their situation a number of times since the arrest of Nibens Group owner Milo Djuraskovic, who was indicted by the organized crime prosecutor last Thursday.

The ministry has to unfreeze the bank accounts of those companies so they could start operating normally, Ciric added.