HZ Cargo Seeks State Support, Croatian Government Approves 50 Million Kuna

December the 18th, 2020 – HZ Cargo sought urgent help from the Croatian Government recently as a result of the ongoing crisis, and the powers that be have responded by approving 50 million kuna in state aid to help smooth out virus-induced issues.

As Poslovni Dnevnik writes, on Thursday, the Croatian Government approved state aid to HZ Cargo in the generous amount of 50 million kuna, which is being implemented in the form of a loan with a repayment period of six months, with the regular interest rate of one percent per year implied.

The Minister of Maritime Affairs, Transport and Infrastructure, Oleg Butkovic, explained at a recent government session in which the matter was discussed that HZ Cargo had contacted the competent Ministry with a request for emergency assistance, given that its liquidity had been significantly impaired as a result of the crisis and that because of that, it wouldn’t be able to meet its business obligations in the coming period.

The state aid paid out to HZ Cargo, amounting to 50 million kuna, is intended for rehabilitation of the company and it obliges HZ Cargo to adopt the necessary measures of the crisis management plan, as well as a formal restructuring plan.

The state aid will be, as previously stated, implemented as a loan with a repayment period of six months with a regular interest rate of one percent per annum on top of it. The decision, as Butkovic said, is an act on the basis of which aid is granted, as set out in the Guidelines on State Aid for the Rehabilitation and Restructuring of Non-Financial Entrepreneurs in Difficulty.

HZ Cargo, the Minister pointed out, is already implementing measures for financial consolidation, business optimisation, and the measures implemented so far have significantly reduced operating costs for the company as a whole.

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