Creditor Seeks 3 Maj Shipyard’s Bankruptcy

Strojopromet Zagreb, a Croatian manufacturer of metal and plastic products, has requested for bankruptcy proceedings to be launched at compatriot shipbuilder 3 Maj, part of Uljanik Group.

The request was issued on the grounds of HRK 5.8 million (approximately USD 899,000) debt for provided goods and services.

Croatian Financial Agency (FINA) has already proposed pre-bankruptcy proceedings to be launched and Zdravko Čupković has been appointed as temporary bankruptcy manager of the shipyard.

According to local media, the bankruptcy manager visited the yard earlier this week so as to prepare the necessary report and bankruptcy plan in order to move forward with the proceedings.

The creditor believes that there are no reasons to believe the shipbuilder is able to repay the claimed debt, hence, the damages can be covered solely through shipbuilder’s asset liquidation via the bankruptcy proceedings.

Strojopromet said that, as such, the first hearing on the matter should include creditors’ vote on the proposed bankruptcy before any decision is made on the potential selection of the new strategic partner.

Namely, on December 21, 2018, the Supervisory Board of Uljanik Group together with its management decided to annul the decision on selection of Kermas Energija as its strategic partner. In line with the move, the company is looking for another partner to fill the position and is inviting all potential investors to express interest in strategic partnership and financial restructuring of the group.

According to Croatian Minister of Economy Darko Horvat, at least two investors have expressed interest in investing in Uljanik, and more recently two more investors, one from Germany and one from Ukraine are likely to join the data room for the project.

World Maritime News Staff; Image Courtesy: Janko Hoener / CC-BY-SA-4.0.