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.

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.