Poland vows to fight for ailing shipyards

The European Union suggested on Wednesday that it will reject Poland's restructuring plans to save its historic shipyards from bankruptcy, however the Polish treasury minister vowed to fight and rescue the yards.

An emergency meeting was held between Treasury Minister Aleksander Grad and EU Competition Commissioner Neelie Kroes late Tuesday in Brussels to discuss the restructuring programmes for the Gdynia and Szczecin yards.

Grad told reporters in Warsaw that Kroes made "general statements as to why the programs cannot be accepted." However, he made it clear that Poland won't lose the fight. "We've lost the battle, but not the war," Grad said. "I still expect the entire European Commission to show a minimum of good faith."

Grad added that he believes the matter is not closed today and urged Kroes and EC President Jose Manuel Barroso to set up an independent team of experts to analyze Warsaw's plans.

Poland submitted the revised plans last month and if the EC rejects the plans, the two yards plus the privatized Gdańsk yard will have to repay state aid totaling €2.3 (zł.7.8) billion, forcing them into bankruptcy. (AO)

Source: Reuters, AP