Uljanik Selects Its Restructuring Partner

Danko Koncar-led Kermas Energija will be the strategic partner of Croatian shipbuilder Uljanik in the restructuring of the financially-troubled yard.

The decision was made following a consultation with unions, according to Uljanik, which received two more letters of intent from interested investors, including compatriot DIV Group and Asian Bond Ventures from Hong Kong.

Now that the company has picked its strategic partner it can move forward with the drafting and implementation of its restructuring program.

Once the restructuring program is approved, Kermas Energija will be able to take a stake in Uljanik’s ownership structure.

The restructuring program is expected to result in workforce cuts, but at this point, there have been no estimates on the potential number of layoffs.

President of Uljanik Gianni Rossanda said earlier that over EUR 450 million (USD 551.5 million) is needed for the shipbuilder’s financial restructuring. Rossanda explained that this amount would be directed toward covering of outstanding debts as well as diversification costs.

As part of its restructuring, the shipbuilder plans to reduce its current output and switch focus on the construction of highly-sophisticated vessels such as hopper dredgers and luxury cruise ships which have an added value.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >