Another rescue plan for a failing shipbuilding industry?

The supervisory board of Gdynia Shipyard (SG) has dismissed its president Janusz Szlanta as part plans to consolidate the ship constructing sector. Szlanta was replaced by the head of Pomorska Special Economic Zone Włodzimierz Ziółkowski. However, according to an anonymous source quoted by Reuters, the personal change was made in order to introduce someone who would "co-operate better with shareholders". The consolidation plan is currently being prepared by the Industrial Development Agency (ARP) which wants to see the creation of an industrial group consisting of SG, HCP Cegielski engineering company and Szczecin Shipyard (SSN). The new company would then receive TPSA shares worth zł. 100 million. SG is in deep financial difficulties, which are mostly due to the restrictive policy of banks. Currently SG’s commercial liabilities amount to almost zł. 400 million. (Parkiet, p. 7) M.M.