Brodotrogir Shipyard Enters Pre-Bankruptcy Procedure

Total Croatia News

ZAGREB, April 4, 2019 – The Commercial Court in Split on Wednesday opened a pre-bankruptcy procedure over the Brodotrogir shipyard and appointed Zdravko Tešić a trustee in bankruptcy.

The court called on creditors to submit their claims to the relevant Financial Agency (FINA) within 21 days while a hearing at which claims will be examined is scheduled for 10 July.

Brodotrogir proposed the opening of the pre-bankruptcy procedure on March 8, but the Court requested additional documents as the restructuring plan was not included.

The Trogir-based dock has been owned by Danko Končar for the past five years. The shipyard was restructured, but it was having a hard time landing contracts that would bring in income and secure workers’ wages. Wages were late, incentives were being reduced, suppliers were not being paid, sub-contractors either, and there was growing concern that workers will become redundant and laid off with severance pay.

At the end of February, total claims towards Brodotrogir amounted to 187.4 million kuna.

Economy Minister Darko Horvat said on Thursday he was concerned about Brodotrogir d.d. after pre-bankruptcy proceedings had been launched for that Trogir-based company on Wednesday.

The minister said he was worried about every company in pre-bankruptcy procedure, including Brodotrogir d.d. The pre-bankruptcy procedure was approved by the Split Commercial Court on Wednesday after the application for pre-bankruptcy was amended with a proposed restructuring plan for the company.

More news about Croatian shipbuilding industry can be found in the Business section.


Subscribe to our newsletter

the fields marked with * are required
Email: *
First name:
Last name:
Gender: Male Female
Please don't insert text in the box below!

Leave a Comment