The Commercial Court in Pazin decided on Friday that bankruptcy proceedings will be opened in the Uljanik shipbuilding group's holding company, Uljanik d.d.

The company’s bank account has been frozen for 199 consecutive days over a debt of 98 million kuna (€13.2 million), it was said during today’s hearing. Judge Damir Rabar said there were no extenuating circumstances or possibility for the situation to improve.

Emil Bulic, chairman of Uljanik’s board, said no offer had arrived from Chinese partners, only an announcement that a team of their engineers would arrive to discuss future technical cooperation.

Judge Rabar said this cooperation could continue during the bankruptcy proceedings.

Uljanik d.d. itself ha only 20 employees. It is the 100 percent owner of 11 companies within the Uljanik shipbuilding group and has a 87 percent stake in the group’s 3. Maj shipyard.

Bankruptcy proceedings have been launched in several companies within the group, including the most important one, the Uljanik shipyard, earlier this week. The Rijeka Commercial Court will decide on June 5 if bankruptcy proceedings will be opened at 3. Maj, too.

A motion to open bankruptcy proceedings in Uljanik d.d. was filed by the Financial Agency on March 5 after its bank accounts had been blocked for months. Interim bankruptcy trustee Damir Majstorovic said in a report on April 24 that the company was insolvent and in debt.

A bankruptcy hearing was to have been held on May 3 but was adjourned until today, pending a final decision from the China Shipbuilding Industry Corporation regarding the Uljanik and 3. Maj docks. A Chinese delegation visited the shipyards at the end of April and in early May, and their visit was portrayed as a last ditch attempt at saving the company.

Their decision is unknown for now. Earlier this week, Prime Minister Andrej Plenkovic said the delegation was expected for another visit in the next ten days.