Aker Yards Gets $89.7m Loan from STX to Meet Funding Needs

Monday, June 30, 2008

Aker Yards said 40.4 percent shareholder STX Corporation has provided it with a $89.7m loan in order to meet a short-term financing deficit.
Aker Yards is in the process of selling a 70 percent stake in three of its Merchant Vessel shipyards to Russian investment firm FLC.
However the deal has been delayed by the Ukrainian competition authorities, and Aker Yards said this has caused a short-term liquidity problem.

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