3. Maj shipyard proposes creditors put on hold 85% of their claims

NEWS 13.08.2019 15:07
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Source: Ilustracija

The director of the 3. Maj shipyard, Edi Kucan, confirmed to Hina on Tuesday that the management of that Rijeka-based dock would today offer its creditors to sign statements whereby they would accept the payment of 15% of their claims right away while agreeing not to block the dock's bank account for the next two years over the remaining claims.

This model was proposed to creditors by Assistant Economy Minister Zvonimir Novak at a meeting held in Rijeka on Monday.

According to Novak, the creditors would sign statements whereby they would agree to put on hold most of their claims from the shipyard in the next two years, and the government would in return make a decision to pay the creditors 15% of the amount the shipyard owes them.

Kucan expects the creditors to accept the deal, noting that the meeting was held in good faith.

He is optimistic about 3. Maj resuming production, with two of the preconditions for that being the unblocking of the company’s account and the postponement of payment of a part of creditors’ claims in the coming period.

Putting on hold the payment of 85% of claims from the shipyard would make it possible for the company to resume production and continue work on vessels whose construction has already begun.

The bank account of 3. Maj, which is part of the ailing Uljanik shipbuilding group, has been blocked over claims in the amount of slightly under HRK 80 million, and the biggest individual creditors are the Finance Ministry and the HEP power provider.