ZAGREB, May 3, 2019 – The Pazin Commercial Court on Friday adjourned a hearing at which a decision was to have been made on whether conditions have been met to launch bankruptcy proceedings in the case of Uljanik d.d., the umbrella company of the shipbuilding group, and scheduled a new hearing for May 17.
Judge Damir Rabar accepted a proposal by Management Board chair Emil Bulić to wait for a final decision by a potential Chinese partner, which is expected to be made known in about ten days.
Trustee Damir Majstorović said that both conditions for launching bankruptcy proceedings in the case of Uljanik d.d. had been met – inability to make payments and overindebtedness.
Majstorović said that the company’s debt now totalled 60 million kuna.
The court decision to adjourn the bankruptcy hearing was welcomed also by trade unions. The decision gives Uljanik d.d. as well as the Uljanik and 3. Maj shipyards another chance for restructuring despite the fact that conditions for bankruptcy have been met.
The hearing was held after a delegation of the China Shipbuilding Industry Corporation visited both shipyards and after a bankruptcy hearing for one of them was adjourned until May 13 due to possible involvement of the Chinese investor in the two shipyards.
Uljanik d.d. is a 100% owner of other companies in the Uljanik group, the exception being the 3. Maj dock, where it holds 87% of the stock.
More shipbuilding news can be found in the Business section.
