Uljanik still searching for potential investment partner

N1

Workers of the Pula-based Uljanik shipbuilding group on Friday continued their strike over unpaid wages for September, while members of the striking committee briefed the workers on the talks they had with clients who, they said, were prepared to invest in Uljanik in order to ensure the shipyard could continue with production.

After having met with Glen Moroney, owner of the Australian luxury cruise company Scenic, for which Uljanik is currently building a polar cruise ship, on Wednesday, and then on Thursday with representatives from the Belgian Jan de Nul company, for which Uljanik is building a dredger, on Friday the committee met with another client, and potential strategic partner, this time the Livestock Transport & Trading Co. from Kuwait, whose livestock carrier is currently being built at Uljanik.

Union member Boris Cerovac said the client was prepared to invest in Uljanik so that production could resume, adding the shipowner had also promised to continue ordering ships from Uljanik if the situation in the troubled group normalises.

A strategic partnership would help Uljanik implement a restructuring plan in line with a government decision made in January, when it issued a €96 million state guarantee for the company, under the condition that the group increases its equity (by bringing in a partner) and launches a restructuring plan.

Horvat added that talks with potential partners for the shipyard were being held on a daily basis.

Cerovec also said there were indications that workers could receive their wages next week, but not in entirety, adding that he did not think that would stop the Uljanik workers’ strike.

The workers went on strike on Monday, after not receiving their wages for September, which were due by October 15.

Economy Minister Darko Horvat said earlier in the day that an analysis of the new plan for the restructuring of the indebted shipbuilding group was nearing completion and that a list of questions would be sent to the company to avoid a situation in which the European Commission (EC) would again want ambiguities cleared up.

A draft overhaul plan for Uljanik was sent to the EC earlier this year, and the Commission sent 75 objections to the plan.

The economy ministry then tasked Uljanik’s management with re-drafting and adjusting the plan, bringing in line with the Commission’s demands.

A 47 percent interest in Uljanik is held by its workers and small shareholders, 9.93 percent is held by the Croatia Osiguranje insurer, while the state owns 7.74 percent.

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