Croatia’s shipbuilder Uljanik, who is currently experiencing difficulties, has chosen the domestic shipyard Brodosplit as its partner. As Uljanik informed, the contract will give emphasis on the acceptable and viable restructuring program of Uljanik shipyard.
As Xinhua news agency reports, the Croatian Minister of Economy Darko Horvat noted that Brodosplit is solvent. He noted that it would be a problem if the selected partner has no financial capacity for the restructuring of Uljanik.
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Currently, Uljanik is Croatia’s largest shipbuilder, as it has two shipyards in Pula and Rijeka. It has experienced financial troubles and for months it has been searching for a partner to invest in it. In fact, during 2018 its workers went on strike various times because of unpaid wages.
Commenting on the development, union leader Boris Cerovac told national television HRT, said this decision will help workers settle all debts.
Moreover, from December 27 to January 24, Uljanik opened its ‘data room’ and carried out a due diligence process for all potential investors, while many of them submitted their bids. The company did not tell who the interested investors are, but Brodosplit said on January 25 that it made an offer for the restructuring, in cooperation with Italy’s Fincantieri Group.
After Croatia became a European Union member in 2013, Brodosplit yard was privatized and acquired by the DIV Group. It has also changed its focus and in the last few years, and moved from producing bulk carriers and tankers to highly specialized vessels.