The management of Croatia’s troubled 3. Maj shipyard is hoping to persuade its creditors to accept the payment of 15% of their claims straight away, while agreeing not to block the shipyard’s bank account for the next two years over the remaining claims, state news agency Hina reported, quoting 3. Maj director Edi Kucan,
3. Maj is part of the debt-hit Uljanik shipyard group, which is in severe financial difficulties.
The Croatian financial agency FINA asked a court in March to launch bankruptcy proceedings against 3. Maj. However, at the beginning of this month a court in Rijeka postponed a decision on launching bankruptcy procedures at 3. Maj until September 26.
According to Kucan, 3. Maj’s management is seeking an agreement with creditors to put 85% of their debt on hold, to allow the shipyard to get back on its feet.
The proposal was reportedly made by Deputy Economy Minister Zvonimir Novak on August 12. Kucan told Hina he expects creditors to agree to the deal.
North Macedonia has launched the process of issuing a six-year Eurobond to cover budget gaps for 2020 and 2021, local media reported on May 27. The government previously said that the maximum ... more
Responses from 15 economists surveyed by Reuters produced a median estimate of 50bp for the benchmark rate cut Turkey’s central bank is expected to announce on May 21 (at 11:00 GMT). It would be ... more
As Turkey on May 7 blocked three global banks from trading Turkish lira (TRY) in an effort to stem the slide of the ... more