New funds for Stocznia Szczecinska Shipyard

Further subsidies will have to be approved by the European Commission, but ARP has found a way out via commercial support. "We have entered a consortium with banks. Our share in financing production will reach 49%," said Pawel Brzezicki, president of ARP. This means that the agency will grant a zl.120-130 million loan to the shipyard, while the consortium banks will provide the remainder, with all loans based on commercial rules. "The rules of financing were included in the restructuring program delivered to the European Commission," stressed Andrzej Stachura, president of SSN. The shipyard might obtain a private investor who would take over shares worth zl.95 million, or a 35% stake in the company's capital. Shipyard Stocznia Gdansk will also obtain an investor, who will increase the share capital by at least zl.20 million initially. (Puls Biznesu, pp.1, 6) M.M.