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Croatian court opens pre-bankruptcy proceedings against Uljanik Plovidba

Author Iskra Pavlova
Croatian court opens pre-bankruptcy proceedings against Uljanik Plovidba Pomer ship; Source: Uljanik Plovidba

ZAGREB (Croatia), October 8 (SeeNews) - A Croatian court said it has opened pre-bankruptcy proceedings against maritime shipping company Uljanik Plovidba [ZSE:ULPL] at the company's request.

The commercial court in the town of Pazin opened the proceedings on October 4, appointing Boris Debelic as a bankruptcy trustee, the court said in a statement last week.

Uljanik Plovidba's creditors should submit their claims within 21 days, the court added.

The shipping company said on September 30 it has filed for the opening of the pre-bankruptcy proceedings, as part of a restructuring plan approved by its creditors.

The company had to file for the motion in order to protect its employees, creditors and shareholders, after a couple of days earlier a syndicate of international lenders led by Credit Suisse unilaterally and without prior notice walked out of its debt restructuring talks with Uljanik Plovidba by seizing its Pomer tanker ship as collateral for an outstanding debt owed by the company. The vessel was seized despite the existence of a signed indicative term sheet with a new international lender for refinancing the existing lending from the syndicate of current international lenders, Uljanik Plovidba has said.

The company swung to a consolidated net loss of 15.6 million kuna ($2.3 million/2.1 million euro) in the first half of 2019, from a net profit of 4.8 million kuna a year earlier.

Its shares closed 25% lower at 28.8 kuna on the Zagreb Stock Exchange (ZSE) on Monday after shedding 4.0% on Friday when the pre-bankruptcy opening announcement was made.

The ZSE is closed on Tuesday as Croatia celebrates Independence Day.

(1 euro = 7.42183 kuna)