The Challenges Of Defining And Implementing Corporate Restructuring Programs

The main objective of this paper is to present problems which get in the way of the implementation of planned structural changes brought about by restructuring. This is a very complex matter and a problem which currently troubles Serbia, considering the large number of enterprises which need to be restructured. As opposed to the practice of most developed countries, and even some transitional countries, with intense restructuring processes, these processes have been rather slow in Serbia. However, restructuring is becoming inevitable for a significant number of domestic enterprises. In some enterprises, restructuring needs to be implemented through the bankruptcy and liquidation procedure since there really are no grounds that support their assistance in the form of subsidies, which will indefinitely prolong their unprofitable operations without any chance for success in the market. Still, enterprises with a chance for success in the market can go a long way with the help of aggressive restructuring. With this in mind, the paper outlines some directions for development of corporate restructuring implementation plans.

Osnovni cilj ovoga rada je da prezentira probleme koji se javljaju u realizaciji predviđenih strukturnih promena koje sa sobom nosi restrukturiranje. Reč je o izuzetno kompleksnom pitanju i za Srbiju veoma aktuelnom problemu, s obzirom na veliki broj preduzeća kojima predstoje procesi restrukturiranja. Za razliku od prakse u većini razvijenih zemalja, pa i zemalja u tranziciji, u kojima su prisutni intenzivni procesi restrukturiranja, u Srbiji ovi procesi su bili dosta usporeni. Međutim, restrukturiranje se sve više nameće kao neminovnost za značajan broj domaćih preduzeća. U jednom broju preduzeća restrukturiranje se mora sprovesti kroz stečaj i likvidaciju, jer odista nema osnova da se putem subvencija u nedogled produžava nerentabilno poslovanje ovih privrednih subjekata koje nema izgleda na tržišni uspeh. Ipak, u preduzećima koja imaju izgleda za uspešno tržišno poslovanje, mnogo toga se može postići putem ofanzivnih pravaca restrukturiranja. Imajući to u vidu, u radu je prezentirana šema plana sprovođenja korporativnog restrukturiranja.