Szczecin Shipyard on verge of solution to financing crisis

The Stocznia Szczecinska Porta Holding (SSPH) shipyard could finalize its talks with bank creditors as early as next week regarding turnover loans worth $60 million. The money is expected to rescue the construction of 30 ships and would reemploy 5,500 shipyard workers who, due to the SSPH m anagement board's decision yesterday, were sent on mandatory work leave until March 15. "We had to reach this decision on the basis of savings," said Grzegorz Huszcz, Deputy President of SSPH. "It is the only way to save the shipyard. We don't have financial liquidity or consistency of material deliveries." Andrzej Antosiewicz, chairman of the Solidarnosc labor union, said that the current talks with banks are of the highest importance. Commenting on the issue, Marek Talasiewicz, deputy president of SSPH, said the company estimates that the talks, in which the government is also participating, would be finished by March 11. (Puls Biznesu, p. 11; Rz eczpospolita, p. B3) P.J.