Croatian Shipyard 3. Maj has commenced bankruptcy proceedings, as announced by the commercial court in Rijeka on Wednesday. This move comes after the company's bank accounts were reportedly blocked for over 50 days, significantly hampering its financial operations. Creditors have a 60-day window to file their claims with the newly appointed receiver, Loris Rak. The court is set to review these claims in a hearing scheduled for September 9. The shipyard initially filed for bankruptcy on April 4. Notably, a restructuring attempt saw the company's shipbuilding activities transferred to its subsidiary, 3. Maj Rijeka 1905. Following a 10.3 million euro debt-for-equity swap, this subsidiary is now state-owned. This development has prompted the Zagreb bourse to monitor 3. Maj Brodogradiliste’s stock closely after placing it under its monitoring segment. The ongoing proceedings and their impact on stakeholders remain to be fully understood.

Source: https://seenews.com/news/croatian-shipyard-3-maj-enters-bankruptcy-proceedings-1275640