Croatia’s 3.Maj shipyard has signed agreements with suppliers and subcontractors to defer payment of the majority of its debts, state news agency Hina reported quoting the chair of the shipyard’s supervisory board, Juraj Soljic. 

The 3.Maj shipyard in Rijeka is part of the troubled Uljanik shipbuilding group. The other shipyard in the group, in nearby Pula, is currently subject to bankruptcy procedures. 

Last month, Hina reported that the management of the 3. Maj shipyard was 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. 

According to Soljic, the shipbuilder has now signed agreements to defer around HRK111mn. This is around 82% of 3.Maj’s total debt of HRK138mn, excluding overdue wages and contributions on wages, which add up to another HRK34mn. 

Major creditors include power utility HEP, which has agreed to delay 85% of 3.Maj’s obligations for two years. 

The government agreed in August to issue a conditional payment guarantee of HRK150mn for a loan from the Croatian Bank for Reconstruction and Development (HBOR) to enable the shipyard to restart work and complete vessels it has already started building. 

Later on September 2, Hina reported that the supervisory board of HBOR issued conditional approval for lending HRK150mn to the 3. Maj shipyard.