The purchase of state claims from the Finance Ministry and the implementation of the bankruptcy plan (with Uljanik having previously bought the claims of the International Finance Organisation, IFC, and the German Development Bank, DEG) will make it possible for Uljanik and Tankerska Plovidba to become the majority owners of the Rijeka-based shipyard with a share of 60.4 percent.
The signing of the agreement was also attended by Prime Minister Ivo Sanader, who said that Viktor Lenac would remain recognisable on the global ship overhaul market and keep its position as a leading exporter, with exports accounting for 80 percent of its revenues.
The shipyard has the necessary capacity to build off-shore platforms and participate in the construction of a gas network in the northern Adriatic.
Sanader said that the shipyard would continue to provide docking and overhaul services. He said that some 560 workers and 400 contractors would keep their jobs.
The PM went on to say that the shipyard's new owners were obligated to keep all workers over the next five years and invest 58 million kuna in upgrading the company.
The signing ceremony was attended by government ministers, trade union representatives, representatives of local and regional authorities, the trustee in bankruptcy and the shipyard's workers.
Under the bankruptcy plan adopted last week by most creditors, the ownership structure of Viktor Lenac will consist of Uljanik and Tankerska Plovidba (with a 60.4% stock), the Croatian Bank for Reconstruction and Development (16.08%), the Croatia Osiguranje insurance company (2.3%), the Development and Employment Fund (3.9%), the Privatisation Fund - HFP (9.4%), and several other state institutions and banks with smaller shares.
The company's mortgage creditors will write off most of their claims worth 690 million kuna, while claims worth 144 million kuna will be transformed into ownership shares.
Bankruptcy proceedings for the Viktor Lenac shipyard started in December 2003 due to a business crisis which resulted in the failure to complete a major loan investment cycle intended to expand the company's shipbuilding
business.