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Feb 20, 2023 15:14 EEST
February 20 (SeeNews) - Croatian shipbuilding company 3. Maj Brodogradiliste [ZSE:3MAJ] said on Monday its supervisory board has given a conditional consent to signing a court settlement with its majority shareholder, bankrupt shipyard Uljanik.
The supervisory board took the decision on February 17, it said in a filing to the Zagreb bourse without elaborating.
The court settlement concerns 18 million euro ($19.2 million) of Uljanik receivables, state TV broadcaster HRT reported on Saturday.
Under the settlement deal, 3. Maj Brodogradiliste is to pay its debts to Uljanik after the delivery of a bulk cargo vessel, the hull 527, which is expected before the end of February 2025.
The settlement should be approved by the Uljanik creditors on March 7, the head of the supervisory board of Brodogradiliste 3. Maj, Juraj Soljic, told HRT.
The Rijeka-based 3. Maj has some 690 employees.
3. Maj's shares last traded on the Zagreb bourse on August 23 when they closed flat at 14.90 kuna ($2.1/1.9 euro).
($ = 0.936 euro)
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