April 25, 2023 - Representatives of the state, the largest creditor of the bankrupt Uljanik Shipyard, decided that Uljanik Shipyard 1856 would be offered at a public auction after a meeting of creditors was held at the Commercial Court in Pazin.

As Index writes, this means that the proposal of bankruptcy administrator Loris Rak was accepted - to abandon the model of sale through a public tender.

The auction is expected in the first half of May when a 54.77 percent stake in Uljanik Shipyard 1856 will be offered at a price that will be higher than that offered by the Czech group CE Industries at the beginning of the year, EUR 20.57 million.

The bankruptcy administrator's proposal

The starting price of Uljanik is 20.73 million euros, which is 75 percent of the estimated value, and the initial proposal of the starting price was increased by the intervention of the representative of the state.

Bankruptcy administrator Loris Rak proposed that 54.77 percent of shares in Uljanik Shipyard be auctioned at an initial price of 20.57 million euros, i.e., 155 million kuna, which was offered by the Czech group CE Industries at the beginning of the year.

"We accepted the bankruptcy administrator's proposal to do a public auction. The state agreed with the proposal but requested a change in determining the initial price below which it could not be sold.

We reasoned that it would be 75 percent of the estimated value, so the initial amount of EUR 20.7 million or HRK 156.2 million was determined," said Deputy County State Attorney Nevenka Kovčalija.

"It's hard to do business when you belong to no one"

She added that the state proposed, and the bankruptcy administrator accepted, that interested business entities be obliged to attach a statement to the documentation that they will maintain the shipbuilding activity.

When asked why the price was changed after the potential buyer proposed EUR 20.5 million and the state EUR 20.7 million, Kovčalija pointed out that she cannot prejudge the buyer and who will apply for the auction and that the state determined that it should be 75 percent of the estimated value, as is usually done in bankruptcy proceedings if the national financial agency manages the sale.

The director of Uljanik Shipyard 1856, Samir Hadžić, stated that more than five months were wasted unnecessarily and that this model should have been used from the beginning.

"It is difficult to do business when you belong to no one, when you have been on sale for a long time, when all existing or future business partners are waiting to see who will be the new owner. We can't wait for this to be completed and to finally talk business," said Hadžić.

"It would be silly to play with a potential customer and add millions"

Asserting that after this decision, "there is light at the end of the tunnel," the head of the Pula office of the Independent Workers Union of Croatia, Boris Cerovac, stated that it would be silly to play with a potential buyer and add, as he said, "little millions".

"The state has obviously played its game and raised the price by HRK 1 million. However, at this moment, it is important to go to the auction in the first half of May and that everything goes well for the benefit of the workers, the shipyard, and the city," said Cerovac.

For more, make sure to check out our dedicated News section.

August the 31st, 2021 - The enfeebled Uljanik shipyard could have some hope on the horizon for it yet, as more vessel constructions are announced and Economy Minister Tomislav Coric pays a visit.

As Morski writes, after numerous issues, protests, bankruptcies and the many shed tears of its workers, the Uljanik shipyard (Uljanik shipbuilding 1856) proverbially sails on, slowly, but sailing nonetheless. Yesterday morning, the Minister of Economy Tomislav Coric also visited the previously deeply troubled Pula shipyard.

The Uljanik shipyard claims that after the creation of the new administration, they successfully fulfilled all of their previous plans.

''Today we received support for the completion of the ships currently under construction, livestock 526 and another ship under the sections of number 531. If we manage to find a buyer and sell these new vessels at a positive price, or at market price according to the model done by Maj 3 (a Rijeka shipyard), the state will continue to offer a guarantee, as it does with the Rijeka shipyard,'' said the director of Uljanik Shipbuilding 1856, Samir Hadzic.

''The Uljanik shipyard is slowly rising, a small ship has been contracted, but that still represents a step is in the direction of shipbuilding. We talked about the prospects and some new orders. The state is helping out, we've given a loan guarantee for the construction of a fishing boat of over five million euros. The state will continue to be there, but above all through the promotion of healthy shipbuilding, which is based on market foundations, which is very important and which hasn't been the case in the past.

About 200 workers have been hired, which is satisfying and is a base with which to move forward, and when the time comes, the number will grow for larger ships. We must be careful not to put ourselves in a situation where the activity goes beyond the market framework,'' said Coric.

In addition to the construction of the aforementioned ships, the Uljanik shipyard also performs other tasks in its domain.

For more, follow our business section.

January 4, 2020 – A map showing production across the former Yugoslavia details the sustained prosperity of many Croatian favourites as some of the strongest Croatian brands are shown not only to have survived but have succeeded following independence

Media across Croatia, Bosnia and Serbia have surprised younger readers and reminded older readers with the publication of a map detailing production in the former Yugoslavia. While this trip down memory lane has caused a range of reactions across the countries of the former republic, looking at the map from a purely Croatian perspective gives some enlightening information. Namely, many of the strongest Croatian brands visible on the map are recognisable today. Some of the strongest Croatian brands not only survived independence but have since grown.

Bajadera - one of the most popular products made by Zagreb-based chocolate and confectionery manufacturers Kraš

Zagreb-based chocolate and confectionery manufacturers Kraš, Požega-based confectionery and drinks manufacturers Zvečevo, oil company INA, Koprivnica-based food company Podravka and Koprivnica-based pharmaceuticals company Belupo, vitamin drink Cedevita, Varaždin-based food company Vindija, Vukovar shoemakers Borovo, Varaždin clothes designers and manufacturers Varteks and multi-use condiment Vegeta are just some of the strongest Croatian brands that are present on the map. You are still likely to see these brand names on many Croatian high streets. Some have succeeded in reaching further into international markets since Croatian independence.

Croatian-made condiment Vegeta is sold all over the world

Of course, not every brand visible on the map of Yugoslavia production has fared so well. In their coverage of the map, Ri.portal reminds that “Some of the Yugoslav products were used by literally the whole world - ships, cars, planes, trucks, weapons and even computers were produced... However, many of these companies no longer exist or are bankrupt.”

In their coverage of the map, Bosnian website Klix reminds that Croatian shipyards Uljanik in Pula and 3 Maj in Rijeka were at world level and produced large ships for customers from all over the world. Split-based shipyard Brodosplit, which can also be seen on the map, survives to this day.

Croatian vitamin drink Cedevita comes in a range of flavours

Ri.portal goes on to remember that Yugoslavia was one of only five countries in Europe at the time that manufactured its own computers. “Probably the most famous is the Galaxy, while the first computer produced was the CER-10,” they say. One of the Yugoslav computer makers on the map, popular in the late 1970s, was Digitron, based in Buje in Istria.

Sadly, not all of the strongest Croatian brands have made it until today. Famous tractor and agriculture equipment manufacturer Tomo Vinković of Bjelovar is no longer in production. Their famously-reliable machines are much in-demand on the secondhand market. Two new tractor manufacturers, Hittner doo and the Prima tractor factory still make tractors in Bjelovar.

As Novac/Vedran Marjanovic writes on the 10th of November, 2020, for several weeks now, the Kuwaiti shipowner Livestock Transport and Trading Company has been unsuccessfully trying to agree with the Croatian state administration on the completion of the construction of the largest ship in the world for the transport of live cattle in Pula's Uljanik - New build 526/Novogradnja 526.

As confirmed to Jutarnji list from several sources, the aforementioned Kuwaiti company which operates within the Al Mawashi group, and whose business is the transport of live cattle, came across the walls put up by Croatia's state institutions after they expressed interest in Uljanik's construction of New build 526, a livestock carrier, which is now sitting in an unfinished state at the Pula shipyard.

''There's a buyer for the vessel, the vessel is there at a certain degree of completion, there is equipment for the ship that is in the warehouses of Uljanik, and there is the company Uljanik shipbuilding 1856 which the state founded to continue shipbuilding in Pula with workers and capital. Everything is there, but the state has no will, doesn't want to do it, or something else is in question. It doesn't want to sit down with the Kuwaitis and finish the job,'' explained the interlocutor, who is well acquainted with Al Mawashi's contacts with Uljanik.

He doesn't want his name or surname to be revealed, but he claims that a representative of Al Mawashi was at both the Ministry of Economy and Sustainable Development and at the Ministry of Finance, which represent the state's interest in the bankruptcy of Uljanik, and put forward an offer from the Kuwaitis to buy Uljanik's New build 526.

''The Kuwaitis are well known to both Uljanik and Croatia's state institutions because they ordered the construction of New build 526 back in 2015, but in April 2019, like most of Uljanik's clients, they terminated that contract due to the opening of bankruptcy proceedings in the Pula shipyard. Now they're ready to get back into business, they want to buy the vessel and that's the only commitment any serious investor can take on at this stage of construction. Everything else about the completion of the vessel is up to the state, which constantly repeats this mantra that shipbuilding in Uljanik hasn't been shut down,'' the interlocutor explained.

New build 526, or what has been done so far in terms of its construction, isn't formally owned by the state at this time, but is part of the bankruptcy estate of Uljanik d.d., whose main creditor is the state. Hence, the representative of Al Mawashi "knocked" on the door of the two ministries that represent the interests of the state in the bankruptcy drama surrounding Uljanik.

The Ministry of Economy and Sustainable Development didn't confirm or deny the information that a representative had made an offer to purchase New build 526.

''New build 526 is part of the bankruptcy estate of the company Uljanik d.d. Bankruptcy proceedings against Uljanik d.d. were opened on May the 20th, 2019. The Bankruptcy Trustee is taking care of the protection and liquidation of the bankruptcy estate,'' the Ministry of Economy and Sustainable Development briefly stated. It's quite clear from this answer that they don't intend to get involved in saving New build 526.

In other words, the state doesn't want to separate New build 526 from the bankruptcy estate of Uljanik d.d. as it has done in some other cases. Nor does it want to invest in the completion of the vessel and sell it to the Kuwaitis and thus charge for the investment. There has, as yet, been no answer from the Ministry of Finance to questions about negotiations with the Kuwaitis and the state’s plans as the main creditor in the bankruptcy of Uljanik with the construction of this vessel.

Shifting the blame

''According to the information I have, the Kuwaitis are losing patience and will definitely give up buying by the end of the year at the latest. If this happens and the ship doesn't find another buyer, it's clear that it is very likely a huge damage, for which, according to the old custom in our country, no one will be responsible,'' noted the source.

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ZAGREB, June 4, 2020 - The government on Thursday adopted a conclusion expressing its readiness to get involved in creating conditions to restart shipbuilding in the northern coastal city of Pula through the Uljanik Brodogradnja 1856 company.

The conclusion is based on documents provided by the receiver for Uljanik d.d., Marija Ruzic, Economy Minister Darko Horvat said.

He recalled that at its session of March 26 this year the government had approved the transfer of the concession for the commercial use of the port of Pula for shipbuilding purposes from Uljanik d.d., which has filed for bankruptcy, to Uljanik Brodogradnja 1856.

He noted that Uljanik Brodogradnja 1856 is not a legal successor to the bankrupt companies Uljanik d.d. and Uljanik Brodogradiliste d.d., but a legal entity that has the option of putting the coastal land and shipbuilding equipment to use and hiring some of the former workers of the Uljanik Group.

The equipment of Uljanik Brodogradiliste d.d. is estimated at HRK 50.36 million, and the Ministry of Finance, as the largest separate creditor, has been tasked with taking charge of those assets and recapitalising Uljanik Brodogradnja 1856. 

The other separate creditors which are majority state-owned  have been recommended to consider increasing the equity of Uljanik Brodogradnja 1856 with assets to which they are entitled as part of the bankruptcy settlement process, in which way they would be able to acquire a stake in the company.

Bankruptcy proceedings for Uljanik d.d. and Uljanik Brodogradiliste opened in May 2019.

In the case of Uljanik d.d., 225 creditors lodged claims in the total amount of HRK 5.1 billion, and at an examination hearing claims were set at HRK 4.86 billion. The Ministry of Finance is the single largest creditor with claims of HRK 3.2 billion and is entitled to a separate settlement.

As for Uljanik Brodogradiliste d.d., 2,448 creditors lodged claims for a total of HRK 3.1 billion. The Ministry of Finance is the single largest creditor with claims set at HRK 1.2 billion.

The government also gave permission for the Rijeka-based 3. Maj shipyard to sub-concession part of the port land to the company MKM Yachts d.o.o. for ten years, saying that this would open a new market for luxury passenger vessels.

MKM Yachts is a newly-established company in Croatia indirectly owned by Glen Moroney, the founder and owner of the Scenic Group, a leading global travel company specialising in luxury and exotic trips. The company is interested in building a series of cruise ships at the 3. Maj shipyard. The deadline for the conclusion of the investment, worth slightly over €3 million, is the end of 2021, according to the government.

Prime Minister Andrej Plenkovic said that with these two decisions the government had sent a strong message to the shipyards in Rijeka and Pula.

Croatian shipbuilding has been going through some turbulent times over the last few years, with the pressure on them mounting up to breaking point over the last couple of years. Uljanik, the famous Pula shipyard, has sadly reached the very end of the line, doesn't fulfil the conditions for continued business and will go into liquidation.

As Marija Brnic/Poslovni Dnevnik writes on the 22nd of January, 2020, the bankruptcy administrator suggested that part of the property not be sold yet but to have that part postponed, and that Uljanik's property, including cranes, construction (novogradnja) 526 and other items be transferred to the company Uljanik Brodogradnja 1856.

This marks the end of the road for the enfeebled Pula shipyard Uljanik d.d., after a tumultuous period of fighting to stay afloat, it is finally going into liquidation. The final decision was adopted by the assembly of creditors of the Pula shipyard at the Commercial Court in Pazin, after accepting the assessment of the bankruptcy administrator Marija Ružić that there was no basis for the preparation of a bankruptcy plan. However, the announcement that it would continue its business through its subsidiary Uljanik Brodogradnja 1856 remains open.

The bankcruptcy administrator said that that company could be the nucleus of a new company that would continue its production in Pula. This, however, must be finally decided upon by the state itself, which is also the Pula shipyard's largest creditor, and it should at the same time allow for guarantees to continue the work.

According to her estimates, construction requires around 500 workers and about 50 million euros to complete it. The question that remains to be resolved now is just how the state will manage to get hold of and provide this huge capital.

The bankruptcy administrator found that the Pula shipyard was being managed in a non-transparent manner, and the list of assets of Uljanik were estimated at a total of 1.75 billion kuna. Liabilities, however, were set at 5.1 billion kuna, and since the Pula shipyard does not have any current production or funds to continue with the preparation of a bankruptcy plan, it is a legal obligation under these conditions to proceed with the liquidation of Uljanik's assets.

In the next half of this year, it can be expected that auctions of Uljanik's property and assets will be launched through Fina.

Make sure to follow our dedicated business page for more.

January 15, 2020 - More under-reported Croatian excellence on the global stage, as Croatian shipbuilders produce the world's best new luxury cruise ship of 2019, as Scenic Eclipse enjoys the patronage of Helen Mirren. 

One thing I have come to learn after many years of living in Croatia is that things are rarely as they seem on the surface, and that few scratch beneath that surface to see what lies below. The perceived picture of the Croatian economy is one of doom and gloom - lots of unemployment, lack of skilled workers, few opportunities, lack of competitiveness. 

And while all this is certainly true on one level, taking a closer look at the realities on the ground show that there are many young seeds being sown in various industries which are already bearing fruit, and with the potential to bear a lot more. And one of the things that these seeds have in common is excellence. And not just five-star excellence but something higher, competing with the very best in the world. 

The best example of this, of course, is Mate Rimac and his phenomenal Rimac Automobili. In a country with no car industry whatsoever, a young man in his 20s started a business to realise his dream of building an electric supercar. So successful has Rimac been that not only has he now produced the world's fastest electric supercar, but he has also built a cutting edge technology business employing more than 600 people, with A-lister investors such as Porsche and Hyundai. 

But away from the bright lights and column inches that the Rimac success demands these days, there are other many other Croatian success stories occurring under the radar. I had absolutely no idea, for example, that the German Minister of Economy had visited a warehouse in eastern Zagreb to learn about innovation in the workplace. Or that that same warehouse, operated by a small family business, Tokic car parts, had been listed in the top 50 most innovative companies in Europe by the London Stock Exchange. Read their incredible story here. Similarly, it was a pleasure to be in Berlin recently to see Bagatin Clinic collect the award for best international cosmetic surgery clinic at the International Medical Travel Journal 2019 awards, the latest endorsement of Croatia's emerging medical tourism industry.

But the last place I expected to find Croatian global excellence, having read recent news reports, was from the troubled Uljanik shipyard in Pula. 

Don't get me wrong, Croatia has a fantastic shipbuilding heritage, and one which has provided much employment and built world-class vessels over the years. But the glory days seem to be over due to new economic realities, and the plight of the Uljanik shipyard was one of the main economic stories of 2019, a shipyard where orders had dried up and debts accrued. 

But if you look a little deeper, you will find one of the most fantastic stories of Croatian success of last year, and one which has been little reported. 

Not having paid more than cursory attention to the situation in the shipyard, I was somewhat surprised last July to see TCN reporting on a luxury 200-million-euro yacht called Scenic Eclipse being launched from Pula, destination Rejkavik, where it would pick up its first passengers for a new life of luxury Arctic and Antarctic cruises. Check out the gracious departure of Scenic Eclipse in the video below. 

And there the story might have ended, except that I recently came across a list of awards for the cruise ship industry by leading industry website, Cruise Critic, in which Scenic Eclipse featured rather well - Best New Luxury Ship 2019.

Cruisers might book Scenic Eclipse because it offers two state-of-the-art helicopters and a six-person sub, but they'll come back because of the 200-passenger ship's chic, modern design, generously-sized suites and incredible dining offerings. Scenic pulled out all the stops with its first ocean ship, which seamlessly combines luxury and soft-adventure travel to exotic destinations, including the Arctic and Antarctica.

And the more I looked into this wondrous little ship, the more surprises I found along the way. The ship was christened in New York by none other than Dame Helen Mirren in New York in September.

So enthralled was Dame Helen that she has agreed to be the Godmother of the Scenic Eclipse, expressing her admiration both for the luxury on board and the attention paid to the environment in its construction, "a ship that has minimal environmental impact on sensitive marine areas and the eco-systems it sails."

And then when I decided to take a closer look at the ship itself, I made a rather interesting discovery. It seemed like the Scenic owners and the Pula shipyard had managed to produce the first of an entirely new category of ship - the discovery yacht, a polar cruiser that could explore parts of the planet no competition could visit. A little like Rimac, was Croatia contributing something unique and world-class yet again?

The ship is owned by the phenomenally successful cruise ship company, Scenic, whose company profile is summarised as:

Scenic Luxury Cruises and Tours has more than three decades of experience creating unforgettable handcrafted journeys for our guests with itineraries to more than 60 countries around the world. Scenic and its sister company, Evergreen Cruises and Tours are recognised as leaders in the industry.

Having seen a luxury private yacht in Sydney harbour one day, Scenic's Australian owners Glen and Karen Moroney apparently came up with the idea of offering all the luxury of a private yacht for cruise-paying passengers. A discovery yacht, smaller and more flexible than the normal cruise ship, allowing more personal guest attention and better flexibility and agility in routes and reaching destinations that the bigger ships simply could not go. And not just a discovery yacht, but a polar discovery yacht, capable of taking guests to parts of the Arctic and Antarctic that other ships simply cannot. 

And toys. Lots of toys. 

Where else would you find a cruise ship with its very own submarine, available to guests for excursions? A sophisticated sub with all the latest features that can take guests down to depths of 330 metres, including in some of the remotest parts of the planet during the Scenic Eclipse signature tours of the Arctic and Antarctic. As you can see in the US media story in the video below, the submarine skipper talks of some of the magical things he has seen, including jellyfish in the Arctic with tentacles about 15 metres long. 

You can also check out an extended video interview with the submarine skipper, including some great footage.

Toys in the air - two helicopters available for sightseeing tours. Toys on the water - zodiac boats and kayaks, allowing guests to get up close. Rare sightings of leopard seals, and the chance to kayak in the Antarctic. How else would you get to experience a penguin flying out of the water and landing on your boat, observing the situation for a few minutes and then flipping back into the water? Experiences explained by the expert Scenic Eclipse guide in the video below.

One of the ironies I have always found with the cruise ship industry is that people travel to get away from it all to go and explore faraway places, then find themselves on a boat with several thousand people for at least a week. The Scenic Eclipse discovery yacht is an altogether different experience. As one would expect, the number of guests on board is considerably less (maximum 228) and the number of staff ratio much higher. 

(Glen and Karen Moroney together with Dame Helen Mirren at the christening of Scenic Eclipse)

Glen and Karen Moroney were very much involved in the Scenic Eclipse project, having had that initial vision in Sydney Harbour. Glen was in charge of the overall design of the ship, while Karen - working with just two assistants - took care of the spectacular interior design.

Each suite comes with its own butler, and their spacious feel (the Owner's Suite is an impressive 195 m2) and luxury design gives a feel more of a presidential 5-star hotel suite than that of a yacht. There are ten venues on board, ranging from French to Japanese, with flavours and ingredients from all four corners of the planet, with an undoubted highlight being an invitation to Chef's Table, an exquisite dinner for a maximum of ten diners. No menu, diners are at the mercy of the creativity of the chef's kitchen. Early feedback suggests that the Chef's Table experience is not only the culinary highlight of the cruise, but among the top things on the entire cruise. An example of the range of quality on the wine, Champagne and spirits on offer can be gauged by the whiskey selection - sample one, or all, of the world's top 100 whiskeys while on your voyage. 

A variety of beauty and health services are available to guests, such as the 600-square-foot Senses Spa Center featuring Scandinavian-style baths, a gym and Pilates studio and a hair salon.

Construction of Scenic Eclipse was far from straightforward. What was already a groundbreaking project was complicated by the bankruptcy problems at the Uljanik factory, which went bankrupt halfway through the ship's construction. Despite this, the Moroneys decided to continue to invest and - together with willing and skilled Croatian engineers and shipbuilders - Scenic Eclipse was completed in 2019. So happy are the owners with the ship that they have announced plans to build five more, all of them in Croatia. 

A great opportunity, perhaps, for Croatia to develop a new sector of excellence serving the global market, in the same way that Rimac Automobili does. Rimac has only actually built a handful of cars, but they are the very best on the market, with an appropriate price tag attached. Why can Croatia not repeat that success in the luxury discovery cruiser market, a market which was born in its shipyards?

“Despite the long tradition and the well-known skill of quality shipbuilding in Croatia, building this type of ship has been an incredible challenge for all of us involved in the construction. Scenic Eclipse proudly bears the label of a unique Croatian product in the world and offers its guests a special and cinematic "bonding" adventure experience. My wife and I are really proud that we had the opportunity to participate in the construction process ourselves, because for us this ship is much more than a business project. Scenic Eclipse is really a family project that we are very passionate about and we really care about, "said Scenic Group owner Glen Moroney.

Built for both Arctic and tropical waters, and with a flexibility due to its size that other cruise ships cannot offer, the Scenic Eclipse itinerary offers voyages like no other ship. Choose from Antarctica, South Georgia & the Falkland Islands; Europe & the Mediterranean; Norwegian Fjords & Baltic States; the Caribbean; the Arctic; and the Americas. Scenic Eclipse even visits the country of its birth, with Croatian stops in Rovinj, Hvar, Split and Dubrovnik. 

The most popular tour on the Scenic Eclipse is the one from the Norwegian Svalbard Archipelago along the Greenland iceberg to Reykjavik. It is a 14-day trip that costs about $ 23,945 or HRK 160,000. The price includes plane tickets for arrival and return and nine meals on board, and 16 polar research experts who lead the tours and hold educational programmes with the guests. Longer Antarctic tours are much more expensive, so for example, a 19-day trip from Buenos Aires, around the Falkland Islands and the South Georgia Islands to the Antarctic Peninsula, where guests can enjoy views of whales and penguins, costs around $ 30,695 (HRK 200,000) for ordinary accommodation and almost half a million kuna for the Owner's Suite ($ 77,000).

A Mediterranean tour with Scenic Eclipse, from Barcelona, ​​via Monte Carlo, sailing along the Italian coast to Santorini and all the way to Athens, guests will pay a minimum of $ 8,695 per person, or about HRK 57,000 for nine days. But it is actually the lowest price for off-season sailing with accommodation in the 32 m2 Verandah Suite cabin. Only the wealthiest who choose the Owner's Suite cabin, located on the sixth deck, will experience true exclusive accommodation. For a Mediterranean 9-day trip, the price of this cabin is $ 30,695 per person (HRK 200 thousand or HRK 22 thousand per day).

A luxury experience out of the budget of this correspondent, but how refreshing to once again scratch under the surface of Croatia and discover yet one example where it leads the world. And with the potential to deliver so much more to the Croatian economy, as well as luxury tourism worldwide. 

Learn more about Scenic Eclipse on the official website. 

Croatian shipbuilding has been in dire straits, and when you hear the name ''Uljanik'', it conjures up images of a failing Croatian shipyard struggling to pay the bills, or should we say employees. However, is a new breath of life on the way for the burdened Uljanik shipyard? Maybe...

As Poslovni Dnevnik writes on the 31st of December, 2019, it is becoming increasingly certain that Pula's Uljanik shipyard will soon get a much needed spring put back in its tired step. According to what is currently unofficial information, the business plan for the continuation of shipbuilding at the Uljanik shipyard should be considered by the Croatian Government in mid-January 2020.

By approving this new strategy, which, at the request of bankruptcy administrator of Uljanik d.d. Marija Ružić, with the support of the bankruptcy trustee of the Uljanik shipyard Loris Rak, created an expert team of Uljanik employees, and as the largest creditor to the Pula shipyard, the state would consider completing the construction of New Build (Novogradnja) 526, and thus employ approximately 500 former workers, writes Glas Istre.

According to that plan, the continuation of activities at the Uljanik shipyard would be continued through the company Uljanik Brodogradnja (Shipbuilding) 1856, which was founded last year by the Uljanik shipyard.

The new daughter company would be the ''destination'' of the transfer of concessions and of course the actual construction of ships. Optimism about the possibility of continuing shipbuilding in Pula can be partly reflected in a statement by Economy Minister Darko Horvat, who confirmed late last week after meeting with representatives of the Government that this business plan was "finally coherent" and that its implementation could soon be discussed.

In addition, if there is a positive outcome to the scheduled January meeting, the minister hinted that solutions equivalent to those found in Rijeka's 3 Maj shipyard could be applied to the Uljanik shipyard.

Make sure to follow our dedicated business page for much more.

ZAGREB, September 30, 2019 - The Uljanik Plovidba shipping company has applied for pre-bankruptcy proceedings to be launched after a foreign banking syndicate broke off negotiations and retained in Malaysia an Uljanik ship as collateral for due debts, the Pula-based company said on Monday.

"The management and steering boards on 29 September 2019 adopted a decision to have pre-bankruptcy proceedings launched, along with a restructuring plan based on and in accordance with agreements reached so far regarding a possible settlement with existing creditors," the company said in a press release.

The company's management said that despite a high level of agreement regarding settlements with local and foreign creditors, a banking syndicate led by Credit Suisse had decided to unilaterally break off negotiations and had retained one of its ships in Malaysia as collateral for due debts.

The management added that a new foreign creditor had already signed an indicative offer to reschedule the loan by the foreign banking syndicate and announced that a binding offer for loan rescheduling would be delivered by October 4.

Uljanik Plovidba underscored that the proposed restructuring plan did not foresee any write-offs of claims from workers, seamen or suppliers and that is purpose was to ensure conditions to complete negotiations and come to a settlement with creditors so that the company can continue to do business.

More business news can be found in the dedicated section.

ZAGREB, July 26, 2019 - The Uljanik shipyard, which is undergoing bankruptcy, on Friday handed over a luxury passenger ship built for the PEC Ltd company from Malta, the Zagreb Stock Exchange said on its website on Friday.

The ship is 168 metres long, 21.5 metres wide and can take 237 passengers. It is intended for ocean sailing and has been built according to the latest ecological standards.

In March this year the FINA financial agency submitted a request to the Commercial Court for bankruptcy proceedings against the Uljanik shipyard joint-stock company because the shipyard had unsettled payments that were more than 120 days overdue, its debt then amounting to 28.2 million kuna.

The Uljanik Group comprises 11 companies in all and is the majority owner of the Rijeka-based 3. Maj shipyard.

More news about the company can be found in the Business section.