Proceedings underway to settle with creditors of Szczecin Shipyard

The commercial section of the regional court in Szczecin decided yesterday to open settlement proceeding with the creditors of the Szczecin Shipyard (Stocznia Szczecinska Porta Holding SA), announced Marek Molewicz of the holding's management office. He stressed that starting proceedings is in partial fulfillment of conditions set by banks and other creditors before they will grant further credits. The entire holding is indebted to the tune of over zl. 1.8 billion to more than 700 creditors, while the shipyard alone has 250 creditors and its debts amount to zl. 240 million. The shipyard is hoping that once settlement proceedings open, promises of being granted $40 million for renewing production will be kept. "All the conditions required by the banks to grant us a credit have been fulfilled and we hope to receive an agreement or a promise," Molewicz said. (Prawo i Gospodarka, p. 8) M.T.