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>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 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 1 2 3 4 5 6

The Smart Ship Exchange

The Exchange will look at the issues involved with increasing autonomy in shipping with an introduction to the concept…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

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

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >