The European Commission has approved a state guarantee from the Croatian government for a 96 million euro loan to help Uljanik shipyard stay in business.
The loan and guarantee complies with European Union rules on state aid, according to a statement.
“Thanks to this, Uljanik will be able to cover the urgent need for liquidity during its restructuring plan,” the statement said.
The loan will help Uljanik continue various newbuilding projects, including the Scenic Eclipse, while keeping 1,800 workers employed. Conditions include a restricting plan and finding an outside investor.