With one of its tankers seized by creditors over the weekend, troubled Croatian shipping line Uljanik Plovidba has submitted an application at a local court for the opening of pre-bankruptcy proceedings.
A syndicate of international lenders led by Credit Suisse seized the company’s Pomer MR tanker as collateral for outstanding debt on Saturday.
Uljanik Plovidba has four bulkers and two handy tankers in its fleet. The company issued a release yesterday claiming it was still confident it could push through a restructuring.