The European Commission has found Croatian plans to grant Uljanik shipyard a State guarantee for a €96 million short-term 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.
The Commission found that the aid is necessary to prevent Uljanik from going out of business immediately and avoid significant (1,800) job losses. Moreover, the company’s liquidity needs over the next months are based on reasonable assumptions and will be monitored by an independent auditor on the basis of weekly liquidity plans. Finally, Croatia committed to notify a restructuring plan for the company within a maximum of six months.
Uljanik has several ships on order or under construction, such as ro-ro’s for CLdN and an expedition cruise yacht for Scenic.