Szczecin Shipyard creditors line up with little hope

A local court in Szczecin has ruled on bankruptcy proceeding for the old Szczecin Shipyard. Creditors now have one month to register their claims. Moreover the government has agreed to grant guarantees of 70% on a loan, equivalent to zl. 326 million, to complete three vessels, two containers and a chemical tanker ship, which when sold will help pay off liabilities. "If this were to fall through, then the government would have to spend zl. 100 million to pay off the loan. We have estimated a 30% level of risk," said Deputy Finance Minister Halina Wasilewska Trenkner. There is still no good news for companies, which are unsure whether their debts will be paid back. The general receiver of the shipyard has placed Cegielski, the Poznan based engineering works, at the end of the list of creditors. This means it has virtually no chances of getting back its zl. 100 million, and so will probably be forced to sack a further 320 employees. (Prawo i Gospodarka, pp. 1, 4) M.M.