Gdynia Shipyard restructuring plan likely to be revised

The Treasury Ministry criticized the motion of Gdynia Shipyard directors to increase the company's capital by zł. 120 million and to limit shareholders rights. This means that the current plan to restructure the company might be scrapped. "We are looking at a new restructuring program, which requires zł. 400-500 million. We must agree on the terms of reducing commercial liabilities with creditors and settle outstanding wages. We also need to increase the involvement of shipowners, suppliers, contractors and international financial institutions," pointed out Marek Roman, director of advisory company EVIP, which is also a shipyard shareholder. EVIP has already proposed the concept of restructuring the company to the Treasury Ministry. Some of the points included in the new program will be analyzed during Tuesday's meeting of Economy Minister Jerzy Hausner and the Gdynia Shipyard Committee. "In 2003, the company was to build nine ships, but unfortunately this figure will not be higher than five," said Dariusz Adamski from the company's supervisory board. (Puls Biznesu, pp. 1, 4) M.M.