ZAGREB, February 26, 2019 – A hearing in the process of determining preconditions to launch bankruptcy proceedings at the 3. Maj shipyard that was scheduled for Tuesday at Rijeka Commercial Court, was adjourned until March 12, when it should be known whether workers at the dock will receive their unpaid wages, otherwise bankruptcy seems inevitable.
If by March 12, the question of workers’ wages isn’t settled, then bankruptcy is likely. If it is resolved by then, there is some room for a solution, Judge Liljana Ugrin said.
According to the court, the dock’s account has been blocked due to a debt of 87 million kuna, yet yesterday for example that blockade amounted to HRK 76 million. Workers are seeking 11.9 million kuna for their overdue wages, suppliers are demanding 46 million kuna and the state’s receivables amount to 21 million kuna, but the situation regarding those amounts is changing day in and day out.
Workers’ representatives and Uljanik’s management agreed to the adjournment as did representatives of the Strojopromet company which in fact lodged the request for bankruptcy proceedings along with the FINA financial agency.
The Rijeka-based dock is part of the ailing Uljanik Group in Pula.
Responding to reporters outside Government House earlier on Tuesday, Economy Minister Darko Horvat said that he cannot foretell the court’s decisions however the government is trying to provide the relevant information in order to give a little more room so that bankruptcy proceedings can be deferred for a few days or weeks, he said.
He added that negotiations are underway with a client, the Jan De Nul Group and Brodosplit’s owner, Tomislav Debeljak, as Uljanik’s strategic partner and that he is convinced that in the next few days, he will make an appropriate decision and present a restructuring plan however “clear guarantees are necessary to verify that the strategic partner is currently financially prepared to follow the restructuring process.”
“At the moment the key is – does the strategic partner have that ability. This is exactly the same question we asked the former strategic partner. If that verification is clear then that will be good news, if not, then I’m afraid there is no help,” said Horvat.
Asked whether the strategic partner has been set a deadline to prove its financial capacities, Horvat said that the strategic partner was asked a few days ago about the matter.
I’m certain that this week is enough time for the strategic partner to clearly define whether he want to and can, after that the state will react, the minister said.
More news about Croatian shipbuilding industry can be found in the Business section.
