Transocean ignores Treasury Min. and files bankruptcy
Transocean ignores Treasury Min. and files bankruptcy
The management of international transport company, Transocean has filed
for bankruptcy. Transocean was founded in 1975 but financial problems
forced the company to sell 12 its ships between 1993 and 1999. Currently
Transocean owns five ships and 60 trucks but its fleet has been moored in
Gdynia harbor for the past few months because it cannot afford to pay the
crews overdue salaries of about $700,000. The company's balance sheet as
of July 31 show losses of zl. 9.79 million. According to the company's
statute the board of directors is not authorized to make decisions about
Transocean's properties without the approval of the Treasury Ministry,
which is the owner. However the Ministry had made no decisions about the
future of the company as of the end of August so Transocean president
Andrzej Zielinski filed for bankruptcy. "The employees should get their
money first," said Zielinski. (Rzeczpospolita, Sept. 16-17, page B3)
