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Sep 30, 2019 16:15 EEST
September 30 (SeeNews) - Croatian maritime shipping company Uljanik Plovidba [ZSE:ULPL] said on Monday it has submitted an application for the opening of pre-bankruptcy proceedings as part of a restructuring plan approved by its creditors.
The motion was filed at a court in the town of Pazin on Monday after in the weekend a syndicate of international lenders led by Credit Suisse decided unilaterally and without prior notice to walk out of its debt restructuring talks with Uljanik Plovidba by seizing its Pomer tanker ship as a collateral for the outstanding debt owed by the company, Uljanik Plovidba said in a statement with the Zagreb bourse.
"This action was taken despite the high degree of agreement reached about the settlement of all financial obligations with all domestic and international lenders of the Company and in spite of the continuous 33 years long business relationship and contrary to good business practice," the statement said.
Furthermore, the vessel was seized despite the fact that on September 27 the parties were in advanced discussions on the course of Uljanik Plovidba's settlement plan, and there was a signed indicative term sheet with a new international lender for refinancing the existing lending from the syndicate of current international lenders, the statement said.
Uljanik Plovidba has already engaged legal and financial advisors to assist it with the seizure of its vessel and with taking urgent actions to protect its interests.
Thus, in order to protect its nearly 400 employees, creditors and shareholders, the company's management and supervisory boards decided on September 29 to commence pre-bankruptcy proceedings with a restructuring plan based on already agreed points of settlement with all creditors.
"The proposed restructuring plan does not include write-offs of any kind of sums due to employees, seafarers and suppliers," Uljanik Plovidba said, adding the proceedings aim to secure the conditions necessary to complete the ongoing debt settlement negotiations and provide for the company's uninterrupted business.
Uljanik Plovidba has said it turned to a consolidated net loss of 15.6 million kuna ($2.3 million/2.1 million euro) in the first half of 2019, compared to a net profit of 4.8 million kuna a year earlier.
Its shares traded down 24.8% at 47 kuna by 1300 CET on Monday after closing up 2.46% at 62.5 kuna on Friday.
(1 euro = 7.41103 kuna)
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