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IFC, DEG postpone seizure of assets of Viktor Lenac shipyard

ZAGREB, March 15 (Hina) - The International Finance Organisation (IFC)and the German Development Bank (DEG) have postponed for the thirdtime the seizure of part of assets belonging to the Rijeka-based"Viktor Lenac" shipyard, officials at the Rijeka Commercial Court saidon Tuesday.
ZAGREB, March 15 (Hina) - The International Finance Organisation (IFC) and the German Development Bank (DEG) have postponed for the third time the seizure of part of assets belonging to the Rijeka-based "Viktor Lenac" shipyard, officials at the Rijeka Commercial Court said on Tuesday.

The two financial institutions postponed the seizure of part of the company's assets until April 15.

IFC and DEG had launched together procedure to seize part of the shipyard's property as its creditors.

The two institutions claim around 120 million kuna from the shipyard, which is undergoing bankruptcy proceedings.

The company's board of creditors last week proposed a new model of receivership and nationalisation of the shipyard. The creditors, especially IFC and DEG, which did not accept previous receivership schemes and models of payment of creditors' claims, are expected to voice their position on the proposal.

The new model suggests that IFC and DEG sell their claims, be paid a certain amount of money and keep the shipyard's dock 7 and sell it.

The model also envisages not selling dock 11 but keeping it as part of the new company, to be established after the bankruptcy proceedings. The Pula-based shipyard "Uljanik" will provide 6.5 million dollars to buy dock 11 from creditors, and this sum will be used to pay the claims of all creditors, except the state, which would then take over ownership of the shipyard.

The Croatian Metal Workers' Trade Union has said that it will occupy the shipyard if its operational property is seized.

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