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3. Maj shipyard set to propose partial debt payment

Rijeka, Croatia (PortSEurope) August 14, 2019 – The management of the 3. Maj shipyard, Edi Kučan plans to offer its creditors to sign statements to accept the payment of 15% of their claims from the shipyard right away while agreeing not to block the dock’s bank account for the next two years over the outstanding claims. If agreed, the 15% payment could be funded by the government.

If this plan goes ahead, the shipyard would resume production.

Earlier this month, the government decided to get involved in the process of unblocking the account of Rijeka’s 3. Maj shipyard, relaunching production and completing the vessels on which work had begun.

Hrvatska brodogradnja d.o.o, the Croatian shipbuilding corporation Jadranbrod, was asked to analyse the proposed measures and submit its findings to the government, which will then propose specific measures based on the laws on the budget, state grants and other regulations to be presented by the ministries of finance and justice.

The 3. Maj shipyard completed the process of restructuring in late 2017, but found itself in financial trouble as a member of the Uljanik Group.

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