Bankruptcy Hearing for 3. Maj Shipyard Delayed until August 1

Total Croatia News

ZAGREB, July 4, 2019 – A hearing to determine whether conditions exist to launch bankruptcy proceedings for the Rijeka-based 3. Maj shipyard, scheduled for Thursday at Rijeka Commercial Court, was once again delayed, this time until August 1, as it was expected that more creditors would lift their blockade of the shipyard’s account.

Judge Liljana Ugrin said that the situation in the shipyard was rapidly changing and that according to the Fina financial agency the dock’s debt has risen to 96.6 million kuna, 29.7 million of which refers to workers’ wages.

In the meantime, she has received information that one of the shipyard’s creditors has withdrawn its enforcement order for 10 million kuna, as a result of which the shipyard’s account was now blocked for 86 millionkuna , adding that there are indications that some other creditors may also withdraw their enforcement orders.

Citing data from Fina, the judge said that on June 28 the claims amounted to HRK 156 million, adding that the national electricity provider HEP was still demanding HRK 10.3 million, but noted that workers’ wages were not part of the negotiations.

Ugrin said that 200,000 kuna had been deposited in the shipyard’s account last week and this was immediately transferred for workers’ wages.

The judge said that if she knew that wages would be paid immediately she would launch bankruptcy proceedings, underscoring that she was interested in solutions, that this was not just about the 800 employees at the dock and that she was interested in saving part of the city’s industry.

The shipyard’s director Edi Kučan said that it was important to regain the trust of creditors, that there were indications that other creditors too would withdraw their claims, and that the claims could eventually be reduced to about 1 million kuna.

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


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