The Croatian government is ready to help revive shipbuilding in Pula after the collapse of state-controlled Uljanik Shipyard.
A new company, Uljanik Brodogradnja 1856, has been formed to take over the site of the bankrupt company.
The government has transferred the concession for the commercial use of the site. The company is not a legal successor to bankrupt Uljanik Shipyard or parent Uljanik Group, which lost creditor backing in January and was to be liquidated.
The new company has the option of rehiring former workers, domestic media reported.
Uljanik Shipyard's equipment is valued at HRK 50.36m ($7.53m). The ministry of finance, as the largest creditor, has been tasked with taking charge of those assets and recapitalising Uljanik Brodogradnja 1856.
Debt swap coming?
Other creditors are being encouraged to convert their debt to equity.
In the case of Uljanik Group, 225 creditors lodged claims totalling HRK 5.1bn. The court set the recoverable amount at HRK 4.86bn.
The ministry of finance has claims of HRK 3.2bn.
Uljanik Shipyard saw 2,448 creditors lodge claims for HRK 3.1bn.
The government has also given permission for Rijeka-based former Uljanik Group yard 3 Maj, which is not included in the bankruptcy, to sub-let part of its site to a new company called MKM Yachts for 10 years.
MKM Yachts is indirectly owned by Glen Moroney, the founder and owner of Australia's Scenic Group, which has built cruiseships at Uljanik.
The company is interested in building a further series of cruiseships at 3 Maj.
