The final decision on the Uljanik group should not be expected in the course of the day, Economy Minister Darko Horvat said on Thursday, adding that a solution should be found over the next few days.

Ahead of a government meeting on Thursday morning Horvat said that the government wanted the shipbuilding industry to survive both in Rijeka and in Pula, but not the way it was currently being done.

He added that, after today’s presentation of a solution model to the management board and strategic partner, the government would be prepared for a final decision.

“Considering how long the problem in the shipbuilding sector has persisted in Croatia, I am certain that a simple solution cannot be found in just one day,” he said before the talks.

When asked what the bailout model for the Uljanik Group would be, considering that it has already been determined that the Centre for Restructuring and Sales (CERP) and Croatian Bank for Reconstruction and Development (HBOR) cannot be involved in rescuing the troubled company, Horvat said that he hadn’t even considered involving CERP as State Assets Minister Goran Maric had resolutely dismissed that possibility.

With regard to HBOR, however, ahead of today’s meeting Horvat told reporters that there was “simply no legislative framework,” for the option of lending or issuing a new loan to a strategic partner or Uljanik without any real collateral.

Horvat added that this was a very sensitive phase which the European Commission was following through media, as well as government reports.

He called on the media to cooperate in order to make the situation easier for both sides, and to find a solution which would be beneficial primarily for the employees of Uljanik and 3. Maj shipyards, but also “least costly for Croatia, so that we can keep the collateral victims to a minimum and ensure the survival of shipbuilding in Pula and Rijeka.”

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