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Gdynia Shipyard May Go Bankrupt
Tuesday, May 13, 2008
Reports indicate that the economic situation of the Gdynia Shipyard on the Baltic Sea Coast has worsened recently. Trade unionists organized a rally in front of the prime minister's office in Warsaw. If there's no financial support from the state budget, the shipyard may go bankrupt soon.
Some contracts were signed several years ago according to unfavorable financial conditions. The shipyard had to pay extra charges in connection with the production of each vessel ordered by contractors. Economic losses amounted to an equivalent of some $25m in 2005 and they doubled a year later.
The Gdynia Shipyard is obliged to build seven vessels in coming years for its most important Israeli client, Rami Ungar, And there`s no money on the shipyard`s bank account to perform the task.
Unofficial sources say that an equivalent of $250m is needed from the state budget to avoid the bankruptcy.
Source: Polaskie
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