The management of Croatia’s troubled 3. Maj shipyard is hoping to persuade its creditors to accept the payment of 15% of their claims straight away, while agreeing not to block the shipyard’s bank account for the next two years over the remaining claims, state news agency Hina reported, quoting 3. Maj director Edi Kucan,
3. Maj is part of the debt-hit Uljanik shipyard group, which is in severe financial difficulties.
The Croatian financial agency FINA asked a court in March to launch bankruptcy proceedings against 3. Maj. However, at the beginning of this month a court in Rijeka postponed a decision on launching bankruptcy procedures at 3. Maj until September 26.
According to Kucan, 3. Maj’s management is seeking an agreement with creditors to put 85% of their debt on hold, to allow the shipyard to get back on its feet.
The proposal was reportedly made by Deputy Economy Minister Zvonimir Novak on August 12. Kucan told Hina he expects creditors to agree to the deal.
The analytical arm of Russia-based investment bank Renaissance Capital said in a report published last week that Uzbek equities “could be interesting on a three- to five-year perspective” as the ... more
Slovenia’s parliament endorsed the draft state budget for 2020-2021 early on November 22 as PM Marjan Sarec managed to gain critical support from opposition parties after the Left party ... more
Weak external trade demand, geopolitical uncertainties and impaired private balance sheets are projected to keep Turkey’s GDP growth at around 3% in 2020, well below potential growth which itself ... more