Croatia Weighs Budgetary Costs for Saving Troubled Dock

Croatia will decide in coming days whether to place troubled shipbuilder Uljanik into bankruptcy or try to restructure the business at a cost to the state of around one billion euros, a top official said on Wednesday. Last month Uljanik, the country’s largest shipbuilder, chose local rival Brodosplit as a strategic partner to restructure its operations, with Italian shipbuilder Fincantieri acting as an adviser in the process, Reuters reported. “The restructuring would cost us 1.009 billion euros ($1.15 billion), while bankruptcy would cost us 557 million euros,” Branko Bacic, a leading official of the biggest party in the ruling coalition, the conservative HDZ, said after a meeting of the ruling conservative-liberal coalition. “Now we know the figures, but given the significance of the issue not just for Uljanik, but for our shipbuilding industry as a whole, we took a few days more for a decision,” he said. Uljanik, which owns two shipyards in the northern Adriatic cities of Pula and Rijeka and is 25 percent owned by the state, has been working to stave off bankruptcy due to liquidity problems that began in 2017. Read more