ZAGREB, April 17, 2019 – Rijeka Commercial Court on Wednesday once again adjourned a hearing that should have determined whether conditions have been fulfilled to launch bankruptcy proceedings at the 3. Maj shipyard, and the next hearing is scheduled for 5 June.
The latest adjournment was requested to make it possible for the new management to find funds for interim financing as in the recent days much has been done regarding efforts to conclude new contracts and find new business opportunities.
The postponement was okayed today by unionists, the dock’s director, Edi Kučan, temporary bankruptcy trustee Zdravko Ćupković and a representative of the Strojopromet company, which is one of the creditors that together with the Fina financial agency has proposed the launching of bankruptcy proceedings.
The total debt of this shipyard, based in Rijeka, was 134.6 million kuna on 16 April.
The company’s account has been blocked for more than 220 days.
Participant’s in today’s hearing told the court that 3. Maj, which became a part of the Uljanik Group a few years ago, would not be in financial distress if Uljanik had paid it back the 520 million kuna it borrowed from the Rijeka dock.
The first bankruptcy hearing was originally scheduled for February 6 but was shifted to February 26, then to March 12 and again for March 28 with the explanation that one should wait for a possible agreement on the payment of wages and the continuation of production.
More news about the shipbuilding industry can be found in the Business section.
