Viktor Lenac (Croatia) finally gets owner
According to the insolvency plan, 60% part in ownership goes to Uljanik shipyard of Pula and Tankerska plovidba of Zadar.
During a creditors of Viktor Lenac Assembly sitting, held on Thursday in Rijeka, this shipyards insolvency plan was accepted with a majority, thus ending the 38-month long insolvency agony In Martinscica.
Decision on accepting the insolvency plan, according to the Commercial court in Rijeka judge Danijela Korlevic, will be announced on March 16, after which the damaged creditors will be able to appeal to the High commercial court in Zagreb.
According to the insolvency plan, shipyard Uljanik of Pula and Tankerska plovidba of Zadar will obtain 60% part of the ownership in Lenac, while the government will sell them the outstanding claims for 10 million kuna. The government will do this because it could not collect the claims anyway.
It is encouraging that Lenac has a future, because during the insolvency period, 250 modifications and ship repairs were conducted in the company, with which 650 workers earned their salaries, which is a unique case among insolvency companies.
Insolvency will be finalised in three to four months.
While creditors of general payments, mostly small companies, subcontractors and deliverers, remained without their claims of 273 million kuna with this insolvency plan, distinguished creditors will deduct a share of 690 million kuna of claims, and will transform a part of 144 million kuna into the future ownership share in Lenac.
Insolvency manager Ombretta Belic-Ilijasic noted that the insolvency will be finalised in three to four months because appeal processes need to be concluded firstly, the Vjesnik.hr web site reports.
With Uljanik and Tankerska plovidba, the ownership structure will include Croatian bank for reconstruction and development (16.08 percent),Croatia osiguranje 2.3 percent, Development and employment fund (3.9 percent), Croatian privatisation fund (9.4 percent) and few other smaller companies.
Incidentally, at the beginning of the insolvency process, creditors claimed a billion kuna, and based on the insolvency plan they will deduct around 820 million kuna of claims, considering that the total Lenac assets are estimated to 263 million kuna, and it is burdened with the rights of distinguished creditors.
During a creditors of Viktor Lenac Assembly sitting, held on Thursday in Rijeka, this shipyards insolvency plan was accepted with a majority, thus ending the 38-month long insolvency agony In Martinscica.
Decision on accepting the insolvency plan, according to the Commercial court in Rijeka judge Danijela Korlevic, will be announced on March 16, after which the damaged creditors will be able to appeal to the High commercial court in Zagreb.
According to the insolvency plan, shipyard Uljanik of Pula and Tankerska plovidba of Zadar will obtain 60% part of the ownership in Lenac, while the government will sell them the outstanding claims for 10 million kuna. The government will do this because it could not collect the claims anyway.
It is encouraging that Lenac has a future, because during the insolvency period, 250 modifications and ship repairs were conducted in the company, with which 650 workers earned their salaries, which is a unique case among insolvency companies.
Insolvency will be finalised in three to four months.
While creditors of general payments, mostly small companies, subcontractors and deliverers, remained without their claims of 273 million kuna with this insolvency plan, distinguished creditors will deduct a share of 690 million kuna of claims, and will transform a part of 144 million kuna into the future ownership share in Lenac.
Insolvency manager Ombretta Belic-Ilijasic noted that the insolvency will be finalised in three to four months because appeal processes need to be concluded firstly, the Vjesnik.hr web site reports.
With Uljanik and Tankerska plovidba, the ownership structure will include Croatian bank for reconstruction and development (16.08 percent),Croatia osiguranje 2.3 percent, Development and employment fund (3.9 percent), Croatian privatisation fund (9.4 percent) and few other smaller companies.
Incidentally, at the beginning of the insolvency process, creditors claimed a billion kuna, and based on the insolvency plan they will deduct around 820 million kuna of claims, considering that the total Lenac assets are estimated to 263 million kuna, and it is burdened with the rights of distinguished creditors.
