State-owned shipping company Barska plovidba failed again on 10 July to secure the shareholder majority required to adopt a new statute and appoint a new board of directors. Shareholders representing approximately 54% of the company supported the proposed decisions, but the required threshold of more than two-thirds approval was not reached. The deadline for aligning with the new Companies Law expired on 15 June, while the next shareholder assembly has been postponed until 1 September.
Company management has warned that the lack of compliant corporate bodies may limit decision-making capacity and lead to financial consequences. The governance issue is significant due to Barska plovidba’s outstanding multimillion-euro debt to the Export-Import Bank of China, which is backed by a state guarantee.
The situation does not represent a confirmed payment default, but the unresolved corporate governance structure affects a company with exposure to public-sector credit obligations. Further delays could impact contracting activities, financing decisions, vessel operations and the management of the state’s contingent liability.
