EC pushes for privatization of Gdynia Shipyard

"I have received information from investors and representatives of the sector who do not believe that the government will privatize the shipyard," said Pawel Poncyljusz, deputy economy minister. "I assure you that members of the government are willing to carry out this process." He stressed that unless there is a reduction in production capacity there is not a lot to discuss with Brussels. If the privatization is restarted, the shipyard will have to look for investors yet again, representing time that it does not have and a risk of bankruptcy that could pull the whole sector. "SG's bankruptcy would cost the budget zl.3.5 billion," said Kazimierz Smolinski, president of the shipyard. This is not all though, as the bankruptcy would have flow-on effects resulting in financial difficulties for its suppliers, blowing out the total cost to zl.10 billion. (Puls Biznesu, p. 9) M.M.