Uljanik Again Extends Deadline for Due Diligence

Uljanik d. d. has extended the process for conducting due diligence for potential investors in the recapitalization process until March 23, and has invited interested investors to submit binding letters of intent by then, the shipbuilding company from Pula reported on Friday.

The due diligence was conducted from February 15 to March 16; however, some potential investors requested an extension of the deadline for the due diligence process, and the management decided to extend the due diligence process until March 23, according to the announcement published by Uljanik on Friday. The company has invited interested investors to submit binding letters of intent by March 23.

>>>Potential investors received another week for Uljanik’s due diligence

The due diligence was originally scheduled for the period from February 15 to March 8 of this year, and Uljanik has already extended it once until today, March 16.

Uljanik Group has received two letters of intent from potential strategic partners – Kermas Energija of Danko Končar and the Naples-based Palumbo Group – for participation in the restructuring and diversification of Uljanik Shipyard.

>>>Due to delays in the production process, Uljanik Group recorded a loss of 687 million kuna in 2017

In mid-January, shareholders of the Pula shipyard decided at an extraordinary general meeting on recapitalization, i.e., an increase in share capital from 180 to a maximum of 302.22 million kuna.

The government has approved a state guarantee for a loan of 96 million euros for Uljanik Group, conditional on Uljanik and Uljanik Shipyard carrying out an increase in share capital, with the entry of a strategic partner into Uljanik d.d., and preparing and initiating a restructuring process based on the restructuring plan of Uljanik Shipyard d.d. in cooperation with the strategic partner.