UPDATED – State aid Case SA.48121: Commission clears HRK 105.6 million in restructuring aid for Croatian shipping company Jadroplov

Authorisation for state aid published in the Official Journal.

View in the Official Journal.

The European Commission has found Croatian plans for restructuring the shipping company Jadroplov to be in line with EU State aid rules. Jadroplov, which is based in Split and suffered from reduced volumes and falling prices in worldwide trade of dry bulk cargo has started carrying out a comprehensive restructuring program aimed at reducing costs, focusing on core business and alleviating the financial pressure stemming from high-indebtedness. Croatia is supporting the process with a subsidy and two State guarantees on bank loans for a total State support amount of HRK 105.6 million (around €14.2 million). The Commission found that Jadroplov’s restructuring plan will enable the company to become viable in the long term without continued State support. Jadroplov will make a significant own contribution to the cost of restructuring of HRK 144.9 million (around €19.5 million), in particular by securing financing from the private market and through asset sales. Moreover, the assets sale contributes to reducing the potential distortions of competition brought about by the restructuring aid. The Commission therefore concluded that the restructuring plan was in line with EU State aid rules, in particular the 2014 Rescue and Restructuring Guidelines. More information will be available on the Commission’s competition website, in the public State Aid Register under the case number SA.48121. (For more information: Ricardo Cardoso – Tel.: +32 229 80100; Maria Sarantopoulou – Tel.: +32 229 13740)

Source: European Commission

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