Restructuring plan for Uljanik shipyard envisages strategic partner, says ministry

The management of the Uljanik shipyard has presented a proposal to the Economy Ministry for the restructuring of the Uljanik Group which envisages the involvement of the state in that process as well as finding a strategic partner, the Economy Ministry said in a statement on talks held between Minister Martina Dalic and representatives of trade unions active in the Uljanik Group on Thursday.

The unionists told the minister that they were worried about the Uljanik shipyard's financial situation, of which the shipyard's management informed the ministry earlier this week.

Dalic told the unionists that according to the information received from the Uljanik management, over the past years the shipyard had incurred significant losses despite the fact that its order books were full, which, the management believes, requires the restructuring of the entire group.

"The proposed restructuring plan, which was presented to the Ministry, envisages the participation of the state in the restructuring process, as well as finding a strategic partner to ensure the long-term sustainability of the company's business operations," the Ministry says in its statement.

The minister said that the restructuring of the Uljanik Group required the involvement of all current shareholders as well as of the management in finding a strategic partner and that her ministry would start consultations on the matter with the European Commission, with the first meeting expected to be held next week.

The ministry said that at the same time it would continue to regularly meet its obligations regarding the 2013 plan for the restructuring of the Rijeka-based "3. Maj" shipyard, a member of the Uljanik Group, which has been approved by the European Commission.

Text: Hina

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