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Plans to Rescue Shipyard

      5/28/2002

Plans to Rescue Shipyard

The Polish government plans to take a controlling stake in the financially strapped Szczecin Shipyard from private owners. If this were to take place, it would be the first re-nationalization of a privatized company in Poland. Stocznia Szczecińska, one of the largest shipyards in the world, lost its financial liquidity in October when banks refused to grant it a loan to build new ships.

The shipyard's debt is currently estimated at about US$270 million. In March, production was halted and more than 6,000 employees were forced to take a temporary leave. The government says its condition for helping to financially restructure the company is re-nationalization. Treasury Minister Wiesław Kaczmarek said that the intervention would ultimately give the state more than 50 percent of the shipyard's stock.

At the moment, the State Treasury holds less than 10 percent in the holding company. Grupa Przemysłowa, made up of the holding company's managers, owns 35 percent. Centromor holds over 17 percent, Porta Ekocynk has almost 9 percent and employees hold a combined 25 percent. The yard’s new management board plans to undertake measures enabling the shipyard to resume production in June.


The Warsaw Voice  


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