Banks arrest Croatian tanker in Malaysia

Oct 04 2019


Creditors have detained a tanker owned by Croatian shipping company, Uljanik Plovidba, soon to be renamed Alpha Adraitic.

The 2011-built MR ‘Pomer’ was arrested as collateral by a syndicate of banks led by Credit Suisse at Tanjung Pelepas on 28th September, 2019.

In addition, the banks syndicate have decided to stop the ongoing refinancing talks, prompting the shipping company to apply for pre-bankruptcy proceedings.

The company claimed that the ship was stopped even though on 27th September, 2019, very intense negotiations took place in the afternoon and negotiations with the foreign banks' union and a concrete settlement plan were progressing.

A new foreign lender’s indicative offer to refinance the loans from the banks was already signed, and the submission of a binding refinancing offer on 4th October, 2019 was announced.

The company said it had engaged legal and financial advisers to investigate the arrest in order to take urgent action to protect its interests. It also said that it will also investigate whether there are grounds for claiming damages, due to the circumstances listed above.

To further protect the company, on 29th September, nearly 400 employees and seafarers and creditors and shareholders, the management board and the supervisory board, decided to initiate pre-bankruptcy proceedings with a restructuring plan drawn up on the basis and in accordance with the agreements reached thus far.

The restructuring plan proposal does not provide for the write-off of any claims against employees, seafarers and suppliers. Its aim is to ensure the conditions for the completion of the negotiations already started and the effects of the planned settlement with the creditors, in order to continue its existence and to continue its business operations, the company said in a statement.

The proposal to open the pre-bankruptcy procedure was submitted to the Commercial Court in Pazin on 30th September, 2019.

 



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