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Croatian Shipyard 3 Maj Reaches Debt Restructuring Agreement

Croatian shipyard 3 Maj reaches debt restructuring agreement

Croatian Shipyard 3 Maj Reaches Debt Restructuring AgreementSource: Luka Rijeka d.d.

Rijeka, Croatia (PortSEurope) September 3, 2019 – Rijeka’s 3. Maj shipyard has signed agreements with suppliers and sub-contractors to defer part of its debts or approximately 111 million kuna, which is about 82% of all claims by creditors.

The shipyard’s total debt amounts to 138 million kuna, excluding overdue wages and contributions on wages of 34 million kuna.

The national electricity provider, HEP, one of the largest creditors, had signed an agreement to delay 85% of its dues for a period of two years while the remaining 15% would be paid to creditors from a new loan to the shipyard. He added that other state institutions had done the same.

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