"The European Commission has found Croatian plans to grant Uljanik shipyard a State guarantee for a €96 million loan are in line with EU State aid rules. The measure will allow the company to meet urgent liquidity needs while preparing a restructuring plan, whilst competition distortions are limited," a press release said.
The Croatian government authorised the Finance Ministry on January 11 to issue a state guarantee amounting to EUR 96 million in favour of the Croatian Postal Bank and/or other commercial banks in the country and abroad for a loan to rescue Uljanik. The guarantee was to become active upon approval by the European Commission.