Szczecin Shipyard - workers quiet, creditors worried

The Szczecin Shipyard, not so long ago the world's fifth largest shipyard, yesterday filed for bankruptcy proceedings. According to the shipyard's chairman Zbigniew Karkota, this would enable workers to be paid overdue wages, as was promised by Economy Minister Jacek Piechota on Friday. It means a new shipyard company could now be created. The workers stopped their protest and are waiting to hear how many of them will find jobs in the new company, and under what terms. Meanwhile, all Szczecin Shipyard's creditors are hoping that yard's bankruptcy does not also mean their bankruptcy. Banks which financed the enterprise, are worried that they might have problems in getting their loans back. The shipyard's other creditors are the Social Insurance Company (ZUS) and the State Treasury. (Prawo i Gospodarka, pp. 1, 6) A.D.