Cammell Laird Sole Bidder For Bulgarian Yard

Friday, May 26, 2000
British ship builder and repairer Cammell Laird Holdings Plc is the sole bidder for Bulgaria's Varna Shipyard, which faces insolvency, the Ministry of Economy said. The potential buyer was expected to agree with creditors on a rehabilitation plan for the state-owned yard -- Bulgaria's biggest -- that would guarantee repayment of $77.7 million debt and resumption of shipbuilding operations.

The plan had to be submitted to court for approval by June 22. If approved, the plan will halt the insolvency suit launched last year after several attempts to sell the debt-ridden shipyard fell through.

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