Financially troubled Croatian shipbuilding group Uljanik is planning to spin off its subsidiary yard 3. Maj as part of its restructuring process.
In August, the workers of Uljanik started a major strike in protest over unpaid salaries with the Croatian government eventualy stepping in to solve the issue.
According to a filing Uljanik sent to the Zagreb Stock Exchange, the company’s restructuring program is being reviewed by the European Commission exclusively to the Uljanik Shipyard and is not directly related to other companies of Uljanik Group.
“The possible separation of 3.Maj in the long-term organisational strategy of the group as well as the interest of certain investors has been previously expressed but at present no legal procedure for separation of 3.Maj Shipyard has been initiated,” Uljanik said in the filing.
The company said no formal measures regarding that subject will be taken prior to the adoption of the restructuring program.