Croatia’s 3. Maj shipyard proposes creditors put 85% of claims on hold

Croatia’s 3. Maj shipyard proposes creditors put 85% of claims on hold
3. Maj in Rijeka back in the 1960s. Now the shipyard is struggling to survive. / Jože Gal
By bne IntelliNews August 14, 2019

The management of Croatia’s troubled 3. Maj shipyard is hoping to persuade its creditors to accept the payment of 15% of their claims straight away, while agreeing not to block the shipyard’s bank account for the next two years over the remaining claims, state news agency Hina reported, quoting 3. Maj director Edi Kucan, 

3. Maj is part of the debt-hit Uljanik shipyard group, which is in severe financial difficulties. 

The Croatian financial agency FINA asked a court in March to launch bankruptcy proceedings against 3. Maj. However, at the beginning of this month a court in Rijeka postponed a decision on launching bankruptcy procedures at 3. Maj until September 26. 

According to Kucan, 3. Maj’s management is seeking an agreement with creditors to put 85% of their debt on hold, to allow the shipyard to get back on its feet. 

The proposal was reportedly made by Deputy Economy Minister Zvonimir Novak on August 12. Kucan told Hina he expects creditors to agree to the deal.

 

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