RIJEKA, May 31 (Hina) - The International Financial Corporation (IFC)and the German DEG bank have proposed to the commercial court in theseaport of Rijeka to relocate assets from the Viktor Lenac shipyardwhich are mortgaged with those
financial institutions. The relocationhas been proposed so as to ensure the unimpeded sale of those assets,the shipyard reported on Tuesday.
RIJEKA, May 31 (Hina) - The International Financial Corporation
(IFC) and the German DEG bank have proposed to the commercial court in the
seaport of Rijeka to relocate assets from the Viktor Lenac shipyard which are
mortgaged with those financial institutions. The relocation has been proposed
so as to ensure the unimpeded sale of those assets, the shipyard reported on
Tuesday. The mortgage is on the shipyard's Dock 7 and smaller
vessels, after 120-million-kuna loans were approved by te IFC and DEG.
These financial institutions several times postponed the confiscation
and sale of the mortgaged assets until recently when they asked for the
implementation of the contract on the matter. The sale of the mortgaged
property is being conducted by the Rijeka Commercial Court that is expected
soon to set the dates for the assets' sale at an auction.
According to the shipyard, the IFC and DEG reportedly asked for the
relocation as they feared that trade union members might obstruct the sale of
the assets during the bankruptcy procedure.