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Gdansk Shipyard seeking aid to avert bankruptcyGdansk Shipyard seeking aid to avert bankruptcy

Poland-based Gdansk Shipyard has warned that the company was on the verge of bankruptcy and needed massive cash injection to survive, a news report said.

Lee Hong Liang, Asia Correspondent

October 4, 2013

1 Min Read
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Sergei Taruta, whose steel company ISD owns 75% of the shipyard, told the Financial Times: “The situation is being pushed to the limit. To save the shipyard we have only days, not weeks or months.”

Taruta revealed to the newspaper that Gdansk needed about PLN180m ($58m) to continue functioning.

He added that the Polish government, which owns 25% of Gdansk, has not expressed interest in developing the yard, even though the company has appealed for help.

Taruta would like the government to release a lien on a mortgage on the shipyard's production hall, which would allow the yard to borrow the money needed to continue functioning.

From 2011 to the end of the first half of 2013, the yard made a loss of PLN375m on sales of PLN540m.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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