TRIESTE – Iskra Brodogradilište of Šibenik is the only company to have submitted a valid offer for the new “3. Maj 1905”, the company that owns the Rijeka shipyard.
The sale, however, remains hindered by the ongoing legal dispute brought by the bankruptcy trustee over the previous change of ownership.
Iskra Brodogradilište of Šibenik, controlled by the Slovenian group Iskra, filed the only compliant bid for the purchase of “3. Maj 1905”. The offer — €6.6 million, matching the starting price set by the Croatian State’s Centre for Restructuring and Sale (CERP) — was submitted within the deadline. Another offer was reportedly lodged but rejected for not meeting the requirements.
The sale process is nevertheless conditioned by the appeal filed by the bankruptcy trustee of the former “3. Maj”, who disputes the way the Croatian State took control of the company through credit compensations. The trustee has asked the Commercial Court of Rijeka to issue an interim injunction blocking the transfer of shares in the new company, creating uncertainty that must be resolved before any purchase agreement can be concluded.
So far, only the presiding judge has been appointed, while the timeline for the proceedings remains open.
CERP — as Croatian media have pointed out — has 120 days to make a final decision, the same period during which Iskra’s offer will remain valid. The company acknowledges the legal risk, but Roko Vuletić, president of the Šibenik yard, believes the issue must be resolved by the State before signing.
The decision to submit a bid was reportedly encouraged by the shipyard’s potential projects and their possible use in naval — including military — programmes. The “3. Maj 1905” company, now debt-free thanks to the “bad company” operation and operating on a balanced footing, is nonetheless in need of structural investment after years of limited spending.
The Croatian government allocated an emergency €1 million loan in the summer for repairs and equipment, while the industrial plan focuses on continuing collaboration with Scenic (Australia) and likely on military construction.
The Iskra group, owned by the Šešok family, is active across several industrial sectors and has strengthened its presence in Croatia in recent years through various acquisitions. Its entry into shipbuilding began in 2019 with the takeover of the Šibenik yard, which was rescued from bankruptcy and restored to profitability with around 180 direct employees and up to 70 external contractors. Interest in Rijeka thus fits into a broader growth strategy.
