(Photo: Goran Kovacic/PIXSELL) (Photo: Goran Kovacic/PIXSELL)

Approximately 111 million kuna, which represents about 82 percent of all claims by creditors, is set to be deferred, according to the chair of the shipyard's supervisory board, Juraj Šoljić.

Šoljić said that the shipyard's total debt amounted to 138 million kuna, and did not include 34 million kuna in overdue wages and contributions on wages, adding that he expected more agreements to be made clear in the near future.

Last month the government approved a conditional payment guarantee in the amount of 150 million kuna for a loan from the Croatian Bank for Reconstruction and Development in an effort to re-launch production so that ships that have been started at the shipyard can be completed.

The finance ministry has vowed to issue the conditional guarantee provided that the necessary requirements have been met by September 5th.

A hearing at the Rijeka Commercial Court to determine whether conditions exist to launch bankruptcy proceedings for the floundering shipyard has been adjourned several times already, while the next hearing has been set for September 26th.

Source: HINA