Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Pre-bankruptcy proceedings have been launched for the Brodosplit shipbuilding company to the Split Commercial Court on 27 April 2022, where 300 workers should be fired and 1000 more will wait for the solution. The group has about 55 companies and more than 30 are in bankruptcy. According to Brodosplit's management, the company found itself in trouble financially because it could not withdraw in full two loans from the Russian VTB bank after it came under Western sanctions due to Russia's invasion of Ukraine. The loans were to be spent for the completion of two vessels and other expenses.
Almost all business activities ceased in the shipyard, what according to the trade union representative, have never happened since its establishment in 1922. Therefore, this anniversary year could be also the last year of shipyard’s activities.
Update 5/7/2022: Until September 2022, around 200 workers of the pre-bankruptcy debtor Brodosplit will be on hold. They had to temporarily suspend production due to a lack of financial resources, while development projects financed from EU funds are still ongoing. The Split Commercial Court has scheduled a hearing for September 2020, so the exact amount of the debts will be known then. The reported debt amount of HRK 5.5 billion (EUR 0.73 billion) in receivables has apparently increased, due to various reasons, primarily because multiple mortgages were registered on the same subject of collection insurance.
Eurofound (2022), Brodosplit, Bankruptcy in Croatia, factsheet number 106898, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/106898.
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