Arabs get Port of Bijela for €2.65m

Bankruptcy trustee of the Adriatic Shipyard Bijela, Zarko Ostojic, approved the sale of the concession area to the consortium Adriatic Marinas-Damen for €2.65m. According to Dan, the decision was sent to the consortium yesterday by official mail.

Adriatic Marinas owns Porto Montenegro and Damen is a Dutch company involved in overhauling and building ships and is one of the most successful world companies in that field.

If none of the creditors complains, the decision becomes final. After that, the contract is to be signed, while the Adriatic Marinas – Damen consortium is obliged to pay €2.65m within 70 days, Ostojic says.

For €2.65m, the owners of the Tivat marina and their Dutch partners get all the property in the concession circuit apart from the administrative building. They also get equipment that is closely related to these facilities.

Adriatic Marinas and Damen plan to repair yachts and mega-yachts in Bijela.

They were the only bidders for the concession for the commercial use of the port of Bijela.

The consortium submitted the offer at the beginning of 2016, but it had to wait for the outcome of the bankruptcy proceedings in the Shipyard, ie it was supposed to buy property first. Additional problem is the grit landfill that is still in Bijela.

The tender for grit transport was postponed several times.  Finally, two days ago it was announced again with the deadline for submission of bids by mid October.

The government grants the consortium a 30 year concession with a €20m mandatory minimum investment.

Ostojic said that the consortium had demanded the sale of the Shipyard’s property to be linked to the concession granting, but that he had rejected it because the concession did not depend on it.

“The concession has no impact on bankruptcy,” Ostojic said.

Ostojic calls to mind that the shipyard went bankrupt in mid-2015 and that so far, 70% of claims have been settled. The money to be paid by Adriatic and Damen will go to CKB as the secured creditor, Ostojic explained.

Since last year, Porto Montenegro has been owned by the Investment Corporation of Dubai (ICC). The fund bought the 100% stake in the Adriatic Marinas company from Peter Munk and his partners. The consortium is supposed to employ about 100 workers in Bijela. After the shipyard went bankrupt, nearly 400 workers were left jobless. Currently there are 20 employees in the shipyard. Most of them left after big and small docks were sold.

Send this to a friend