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Algoma's order could save Croatia's troubled 3 Maj shipyard - report

Algoma's order could save Croatia's troubled 3 Maj shipyard - report Pomer ship; Source: Uljanik Plovidba

ZAGREB (Croatia), June 6 (SeeNews) - The CEO of Croatia's troubled 3 Maj shipyard Edi Kucan believes that the key to avoiding bankruptcy is to complete the construction of the hull of a bulk carrier for Canada's Algoma Central Corporation, local media reported on Thursday. 

Hull 733 is 80% complete, and if an agreement is reached with the government to provide 120 million euro ($134.8 million/890.5 million kuna) for the completion of the remaining unfinished ships, the troubled shipyard will live to see 2020, news portal poslovni.hr reported.

The shipyard currently has four ships under construction.

On Wednesday, the commercial court in Rijeka postponed to July 4 a hearing on the launch of bankruptcy proceedings against 3 Maj.

3 Maj is part of Croatia's troubled shipbuilding group Uljanik Group, which is already undergoing bankruptcy proceedings. 

($ = 0.889953 euro)

 

 

 

 

 

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