Uljanik Selects Its Restructuring Partner
- Business & Finance
Danko Koncar-led Kermas Energija will be the strategic partner of Croatian shipbuilder Uljanik in the restructuring of the financially-troubled yard.
The decision was made following a consultation with unions, according to Uljanik, which received two more letters of intent from interested investors, including compatriot DIV Group and Asian Bond Ventures from Hong Kong.
Now that the company has picked its strategic partner it can move forward with the drafting and implementation of its restructuring program.
Once the restructuring program is approved, Kermas Energija will be able to take a stake in Uljanik’s ownership structure.
The restructuring program is expected to result in workforce cuts, but at this point, there have been no estimates on the potential number of layoffs.
President of Uljanik Gianni Rossanda said earlier that over EUR 450 million (USD 551.5 million) is needed for the shipbuilder’s financial restructuring. Rossanda explained that this amount would be directed toward covering of outstanding debts as well as diversification costs.
As part of its restructuring, the shipbuilder plans to reduce its current output and switch focus on the construction of highly-sophisticated vessels such as hopper dredgers and luxury cruise ships which have an added value.
World Maritime News Staff