January 8 (SeeNews) - Croatia's metal and plastic products manufacturer Strojopromet Zagreb, acting as creditor, said on Tuesday it has requested the launch of bankruptcy proceedings against indebted shipyard 3 Maj.
The creditor has claims on 3 Maj's assets amounting to 5.8 million kuna ($893,000/780,000 euro) for the delivery of goods and services, which claims were accepted by the debtor on April 13, according to the request form published on the website of the justice ministry.
The Commercial Court in Rijeka launched a procedure for establishing the prerequisites for opening bankruptcy proceedings against 3 Maj and
appointed Zdravko Cupkovic as temporary bankruptcy manager, local media reported last week.
The 3 Maj shipyard is part of Croatia's Uljanik shipbuilding group, which has been in financial trouble for some time due to the adverse effects of the global financial crisis on the shipbuilding sector in general which has led to a drop in orders for new vessels.
On December 21, the supervisory board and the management board of Uljanik decided to cancel their selection of Kermas Energija as strategic partner and to seek another partner who will be willing to invest in the group's restructuring. Uljanik picked Kermas Energija as its strategic partner in March, under its call for recapitalisation.