The Government of Croatia has decided to provide an EUR 96 million (USD 115.6 million) state guarantee for a loan to help shipbuilder Uljanik to restructure.

The loan will be provided by Hrvatska poštanska banka (HPB) and/or other domestic or international banks, according to a stock exchange filing issued by Uljanik.

As informed, the loan will become effective following its approval by the European Commission expected by the end of this month.

If approved, the loan would be used for material needed for the construction of ships, loan repaying, responsibilities toward suppliers, future costs as well as for other purposes, local media cited Zdravko Marić, Croatian Minister of Finance.

Under the conditions set by the government, the loan should be repaid in six months or the shipbuilder needs to submit a restructuring scheme. The scheme includes finding a new strategic partner.

Until now, two companies, Kermas Energija and Palumbo Group, expressed their interest in joining Uljanik’s ownership structure.

The restructuring and consolidation process has been launched due to a number of financial difficulties the shipbuilder has been facing.

World Maritime News Staff

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