Uljanik Group CEO Gianni Rosanda has warned that liquidation is inevitable if a European Union restructuring or strategic investment fails.
He told shareholders at a general assembly on Tuesday that bankruptcy will not save the struggling Croatian shipbuilder.
The Hina news agency cited Rossanda as saying little time remained to save the group.
It needs to "either adopt a decision on a new strategic partner or for the process surrounding the proposed restructuring plan to be continued," he said.
"There is no third option. Bankruptcy is not an option. We are all mistaken if we think that there will be a bankruptcy because based on the European Commission's decision to provide rescue aid and after Uljanik received EUR 96m ($110m) in rescue aid at the beginning of the year, the only other option is liquidation (if the loan is not repaid).
"I am convinced that that won't happen, but we have to act together, with me or without me."
Investors voted 77% in favour of a no-confidence motion against the management and did not adopt a 2017 audit report.
The current strategic partner, yard tycoon Danko Koncar, represents the only way the yard can survive, Rossanda also said.
Koncar has said he is happy to step aside if another investor is found and Ukrainian billionaire Vadim Novinsky has recently inspected the facilities of Uljanik Shipyard and sister operation 3 Maj.
Workers held another strike on Monday to protest against unpaid September salaries.
