Uljanik to be Liquidated  | Beta Briefing

Uljanik to be Liquidated 

Source: Beta/SEEBiz
Archive / SEE Business | 23.01.20 | access_time 11:58

Uljanik

A creditors' assembly has decided at the Commercial Court in Pazin that Uljanik d.d., the umbrella organization of the Pula-based shipbuilding company, has no conditions to continue doing business and is to be liquidated. 

Bankruptcy administrator Marija Ruzic concluded that the company was not earning any revenue from operations, nor was that expected, while the obligations totaling HRK4.85bn (EUR651.3m) grossly exceed the value of company property, which is HRK1.75bn (EUR235m), and that makes the creation of a bankruptcy proceedings plan impossible. 

Uljanik property will be sold, except that which might serve for a potential production relaunch. The decisions were accepted with more than 90% of creditors' votes, which formally put an end to Uljanik d.d.'s existence. 

The bankruptcy administrator mentioned the possibility of reviving shipbuilding through the company Uljanik Brodogradnja 1856, to which a concession on maritime property, equipment required for doing business and ships under construction are to be transferred from Uljanik d.d., SEEbiz reports. 

However, the creditors did not discuss that subject, as the decision on whether ships will be built in Pula in the future has yet to be made by the Croatian government. 
 

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