September 19 (SeeNews) - Croatia's cash strapped Uljanik group said on Wednesday that no formal moves have been made for 3. Maj to leave the group.
"No formal steps in this regard will be occur before the adoption of the restructuring programme in Uljanik Brodogradiliste", the company said in a Zagreb bourse filing.
Uljanik also added that restructuring is only being implemented in the shipbuilding unit Uljanik Brodogradiliste and not in the group as a whole.
On Monday, the chairman of its management board, Gianni Rossanda said that the situation in the group is dramatic as its finances are reaching a low point.
He explained that the Uljanik Group is working on a solution that will see the 3. Maj shipyard separated from Uljanik.
"That was not in the original restructuring plan. It foresaw production in both locations, which is unlikely today," Rossanda noted, adding that 3. Maj may be taken over by a "renowned European partner".
The Uljanik Group is made up of two major shipyards Uljanik and 3. Maj, along with smaller subsidiaries.
In March, Uljanik chose local company Kermas Energija as its strategic partner following a call for recapitalisation.