February 7 (SeeNews) - Croatia's troubled diversified group Djuro Djakovic [ZSE:DDJH] said its business accounts have been unblocked.
The accounts were unblocked as of February 6, Djuro Djakovic said in a statement on Thursday without providing further details.
The unblocking of the accounts follows last month's extension of a 150 million kuna ($22 million/20 million euro) state-guaranteed loan to Djuro Djakovic and its subsidiaries by local lender Hrvastka Postanska Banka (HPB), aimed at helping the group pay debt to suppliers and the state, as well as buy materials needed to complete contracts in progress.
The loan was granted after Croatia's government decided to issue up to 300 million kuna guarantees for life-saving credits to Djuro Djakovic.
In January, the government said that some 150 million kuna of the overall planned financing will be used mainly by the group's unit Djuro Djakovic Special Vehicles (DDSV) to service payments to suppliers and creditors on contracts in progress, worth a combined 40.2 million kuna, including the production of 34 railcars for Austria's Swietelsky, 80 railcars for US-based GATX and 60 railcars for France's Ermewa.
Djuro Djakovic's shares gained 2.63% to 4.69 kuna at opening on Friday on the Zagreb Stock Exchange.
(1 euro = 7.45493 kuna)