Fate of Gdynia Shipyard hangs on government funding

The value of the company hinges on if and when the state will decide to inject zl.515 million into the firm. According to Puls Biznesu the Treasury Ministry is planning a governmental meeting in order to divine a financial proposition for the shipyard. "The official decision concerning the increase in capital and where it will come from will add credibility to the restructuring of the shipyard in the eyes of our partners, banks and investors," said Gdynia shipyard deputy president, Arkadiusz Aszyk. The shipyard could receive cash or shares in other state controlled companies, but one thing is for sure, one way or another the money from the state will be returned to the budget soon after in order to cover current debts. The European Commission is demanding privatization of the corporation. (Puls Biznesu, p. 1, 4) A.K.