Studenac has applied for preventive restructuring, while a logistics creditor is seeking insolvency proceedings. The Commercial Court in Split has not yet opened any of the proceedings—it has requested documents and a response.
Three files do not mean proceedings have been opened
Three files concerning Studenac d.o.o. have been published by the Commercial Court in Split. Under St-431/2026, the company itself applied for pre-insolvency proceedings. Creditor A&G LOGISTIKA 01 filed two separately registered insolvency applications, St-432/2026 and St-433/2026.
As of the review date of 26 September, the court had opened neither pre-insolvency nor insolvency proceedings. It is examining the conditions and the order in which the submissions were made. Therefore neither ‘Studenac is insolvent’ nor ‘pre-insolvency proceedings are under way’ is an accurate summary.
What the decisions of 24 and 25 September say
On 24 September, the court ordered Studenac to submit within eight days, among other things, the grounds for opening proceedings, a complete statement of assets and liabilities, current financial data, the number of employees and, where applicable, a restructuring plan. The application may be dismissed if it is not adequately supplemented.
The following day, the court requested a response to A&G LOGISTIKA 01's submission within three days. The creditor argues that its first insolvency application was received on 23 September, before Studenac's application. That is the applicant's position, not yet a court ruling on priority, the claim or grounds for insolvency.
Pre-insolvency and insolvency take different paths
Croatia's predstečaj procedure is intended to enable restructuring where insolvency is imminent and to preserve business operations. A stečaj procedure, by contrast, requires a legally relevant ground for insolvency and serves the collective satisfaction of creditors.
Studenac cites imminent insolvency in its application. The court will decide whether the requirements are met only after its review. The logistics company's alleged claim of around €800,000 and its broader insolvency arguments have likewise not been established by a court.
The liquidity calculation explains the urgency
At the time of filing, Studenac states that it had €10.31 million in bank balances and €60.61 million in supplier liabilities already due. For the next roughly 30 days, the company lists a further €76.08 million in supplier liabilities and €13.50 million for wages, taxes and contributions. It estimates expected receipts over the same period at €59.02 million.
There are also expiring or frozen credit and factoring facilities. An instalment of €6.375 million under a larger financing arrangement was due on 30 September. These figures come from Studenac's own court application; they explain the request for restructuring but do not replace the court's assessment.
Revenue grew in 2025, but so did the loss
The annual accounts submitted with the application report revenue of around €851.46 million and operating income of €854.41 million for 2025. At the same time, the annual loss rose to €30.56 million from €0.69 million the previous year. Earnings before interest and tax were negative €5.36 million.
Loans and borrowings amounted to €288.89 million and lease liabilities to €160.51 million. Together that is just under €449.4 million in financing—not €450 million purely in bank debt. Equity was positive at €50.70 million; the auditor issued an unmodified opinion but pointed to material uncertainty about going concern due to covenant breaches and the absence of waiver letters.
The shops are expected to remain open
Studenac says its branches remain open, employees continue to work and goods are available. The STH trade union also says employment contracts and material rights remain unchanged for now and the collective agreement continues to apply.
These are important statements about ongoing operations, but they do not guarantee every individual branch or every future delivery. A current branch search can show opening hours; it does not automatically prove stock levels at each location. There is currently no substantiated reason for customers to stockpile or avoid the chain wholesale.
What matters next
The decisive next steps are Studenac's supplementary documents, its response to the creditor's objection and the court's determination of which application is admissible and takes priority. Only after that comes the decision on whether proceedings will be opened and on what basis.
Also important will be the maturities at the end of September, the banks' position, secured supplier claims and the actual supply situation in the branches. Every new report must therefore be tied to a specific court document, company report or verifiable operational event.
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- Studenac d.o.o. – publications of the Commercial Court in SplitCourts' electronic noticeboard · 23–26 September 2026Overview of files St-431/2026, St-432/2026 and St-433/2026 and their current publication status
- Decision in case St-431/2026 of 24 SeptemberCommercial Court in Split · 24 September 2026Deadline and requested additions to Studenac's application; proceedings not yet opened
- Decision in case St-431/2026 of 25 SeptemberCommercial Court in Split · 25 September 2026Request for a response to the creditor's submission; no decision on the merits yet
- Insolvency ActZakon.hr / Narodne novine · current version; checked 26 September 2026Purpose and requirements of pre-insolvency and insolvency proceedings
- Studenac applies to open pre-insolvency proceedingsJa Trgovac / Studenac statement · 24 September 2026The company's reasoning and statement on continued branch operations and employment
- Important notice for union members at StudenacTrade Union of Croatian Retail Workers · September 2026; checked 26 September 2026Employee rights, collective agreement and temporarily unchanged status
