Croatia calls new tender for 83.32% of 3.Maj shipyard.

By bne IntelliNews January 25, 2011
The privatisation fund published the new tender for the sell-off of 83.32% of the 3.Maj shipyard for the token price of HRK 1, the authority said in a statement on its website. The deadline for submitting bids expires on February 2, 2011. This is the country's third attempt to privatise the shipbuilder. The potential buyers should submit a restructuring programme for the next five years, which should include structural and financial measures, necessary for the restoration of the long-term viability of the company. We note that at the second privatisation round, the sole bidder, German Crown Investment, was rejected due to problems at the company behind the bidder - Austrias A-tec, which is currently undergoing insolvency. Earlier this month, the government received a letter from A-tec, saying that the company cannot guarantee whether it would resolve its financial issues.

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