Gov't slow to give guarantees for Gdynia Shipyard

The ailing Gdynia Shipyard, will need zl. 0.8 million to zl. 1 billion in investments if it is to sail safely through its recent dire straits. The loan, which would enable the enterprise to implement its restructuring program is to be secured from banks. The banks however, are reluctant to lend the money until they first receive a state guarantee to cover the loans. Last week, the shipbuilder received the first government warranty but the raised capital is only enough to complete two of the twelve ships presently under construction. Today shipyard representatives and banks will meet to discuss details of further loans. Their last meeting on October 23 bore no fruit. So far PKO BP, BPH PBK, Bank Handlowy and BRE Bank have already taken an active part in saving the shipbuilder. This will be the initial stage in a series of strategic restructuring maneuvers. As part of its restructuring plan, the shipyard will concentrate on building ships it is most experienced in constructing.(Rzeczpospolita, p. B1) J.K.