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Croatia's Uljanik Plovidba continues business operations as Alpha Adriatic

Author Iskra Pavlova
Croatia's Uljanik Plovidba continues business operations as Alpha Adriatic Uljanik Plovidba's tanker Champion Istra Photo: Uljanik Plovidba

ZAGREB (Croatia), October 22 (SeeNews) - Croatian maritime shipping company Uljanik Plovidba [ZSE:ULPL] said it is continuing its operations as Alpha Adriatic.

Apart from changing its name, in force from October 18, the company has also changed its visual identity by introducing a new logo, it said in a filing with the Zagreb Stock Exchange on Monday.

In August, the company announced plans to rename to Alpha Adriatic in order to avoid confusion about the company's identity and wrong associations with other companies, which it did not name.

Uljanik Plovidba shared part of its name with Croatia's troubled shipbuilding group Uljanik and its unit Uljanik Shipyard, which have been under bankruptcy proceedings since May due to overdue debt.

Earlier this month, a Croatian court opened pre-bankruptcy proceedings also against Uljanik Plovidba at the company's request aimed at protecting its employees, creditors and shareholders, after a syndicate of international lenders led by Credit Suisse 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 loans from the syndicate, the Croatian company has said.

Uljanik Plovidba's shares jumped 11.8% to 34.2 kuna ($5.1/4.6 euro) on the ZSE on Monday, when the announcement was made, after shedding 6.13% on Friday. They did not trade at the ZSE's opening on Tuesday.

(1 euro = 7.43715 kuna)