A court hearing on Tuesday to decide whether to formally launch the bankruptcy proceedings at the Rijeka-based 3. Maj shipyard was adjourned until March 12, the deadline by which it should be made clear whether workers at the dock would receive their unpaid wages. If they don't, filing for bankruptcy seems to be inevitable.

“If by March 12 the issue of workers’ wages isn’t settled, bankruptcy is likely. If it is resolved by then, there will be then some room for a solution,” Rijeka court judge, Liljana Ugrin, said.

On Monday the troubled dock’s total debt was reportedly 76 million kuna (€10.2 million), including 11.9 million kuna (€1.6 million) in unpaid wages, and 46 million kuna (€6.2 million) to suppliers.

The Rijeka-based dock is part of the heavily indebted Uljanik Group based in Pula.

Meanwhile, responding to reporters outside the government building, Economy Minister Darko Horvat said that negotiations are underway with the dock’s client, the Belgian Jan De Nul Group maritime engineering company, and the CEO of the Brodosplit dock, Tomislav Debeljak, who has been selected to be Uljanik’s new strategic partner.

Horvat added that is convinced that in the next few days, Debeljak would make an “appropriate decision” and present a restructuring plan for Uljanik, but also warned that “clear guarantees are necessary to verify that the strategic partner is currently financially prepared to follow the restructuring process.”

“At the moment the key is – does the strategic partner have that ability. This is exactly the same question we asked the former strategic partner. If that verification is clear then that will be good news, if not, then I’m afraid there is no help,” said Horvat.

(€1 = 7.40 kuna)

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