ZAGREB, December 27, 2018 – Economy Minister Darko Horvat said on Thursday the Financial Agency (FINA) would request the launching of bankruptcy proceedings in Rijeka’s 3. Maj shipyard, and that his ministry had sent invitation letters to five addresses in the search for a strategic investor in the Uljanik shipbuilding group, of which 3. Maj is part.
Responding to questions from the press, Horvat said there were no conditions for launching bankruptcy proceedings in the group but that they did exist for 3. Maj and that, according to his information, “FINA will launch bankruptcy proceedings.”
He said a virtual data room for the group was opened today. “We will give to all those we have sent letters the opportunity until January 16 to see and collect all the necessary relevant information, and I expect that by the end of January we will have responsible and financially very concrete bids for both Uljanik and 3. Maj.”
Asked when bankruptcy could be launched in 3. Maj, Horvat said “perhaps even today.”
Commenting on a restructuring plan for the Uljanik Group and 3. Maj’s fate, he said it was “necessary to choose a new strategic partner,” after businessman Danko Končar is no longer an option, “a partner that will be able to financially back the restructuring.”
Horvat said no one had registered to see the data room in Pula yet but that the Economy Ministry had sent invitation letters to five addresses and that it expected to receive replies in the days ahead. The letters were sent to Fincantieri, DIV, Damen, UHC and Ukraine’s Smart Holding, he said, adding that replies had been received from Chinese shipyards.
Last week Uljanik broke a strategic partnership with Končar’s Kermas Energija and decided to start looking for new partners willing to in invest in the group’s restructuring. The group invited interested investors to express interest in strategic partnership and recapitalisation.
More news on the Croatian shipbuilding industry can be found in our Business section.