Shipyard seeks new loans and trade debts for equity

The Szczecin Shipyard yesterday announced that it hopes by Friday to settle a $40 million loans package, through a deal with four banks who previously granted loans to the shipyard. If the shipyard's supervisory board approves the agreement, the money could flow to the shipyard by the end of the month. It would allow production to restart and employees could receive overdue wages. A deal whereby debts will be swapped for shares will be taken into consideration. The loans will be guaranteed by the Industrial Development Agency (ARP), who says this is a good example of positive state support for industry. (Rzeczpospolita, p. B3) M.T.