Court Launches Receivership Proceedings in Rijeka Shipyard

Total Croatia News

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ZAGREB, January 4, 2019 – The Rijeka-based Commercial Court on Friday launched procedure to establish the prerequisites for the approval of official receivership for 3.Maj Rijeka shipyard and appointed Zdravko Čupković temporary official receiver.

The next hearing at which a final decision on official receivership will be made is set for 6 February.

A week ago, the Financial Agency submitted a request with the local commercial court for official receivership proceedings for the 3.Maj dock, which is part of the ailing Uljanik Group.

The request was submitted after the dock’s account was blocked for 120 days due to overdue liabilities higher than 72 million kuna.

Local unionists have informed the public that 3.Maj shipyard owes about 150 million kuna to suppliers and subcontractors, whereas the Uljanik Gorup is supposed to pay back to the Rijeka shipyard 600 million kuna of the loan 3.Maj gave to the Pula-based group. The sum includes also interest rate.

This past Monday, 3. Maj shareholders held an extraordinary meeting to amend the company’s rule book whereby a possibility of appointing up to five members of the management board was reintroduced.

In late December, the supervisory board of the Uljanik shipyard decided to terminate the strategic partnership with the Kermas Energija company of businessman Danko Končar and to seek another partner who will be willing to invest in the group’s restructuring.

Uljanik invited all interested investors to express their interest in a strategic partnership and recapitalisation in accordance with decisions reached at shareholders’ meetings of February 16 and October 16 this year. A data room is being opened for all prospective strategic partners.

More news on Croatia’s troubled shipbuilding industry can be found in our Business section.


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