Cammell Laird To Invest $10M In Varna Yard

Wednesday, August 09, 2000
Britain's Cammell Laird plans to invest between five and $10 million as part of a bail-out package for Bulgaria's indebted Varna Shipyard. "Investments are aimed at upgrading production capacity. Two-thirds are to be made within 10 days after the bail-out plan is enforced and the remainder within 18 months," the Economy Ministry said in a statement.

The plan was worked out by the yard's creditors including the ministries of finance and economy, and the Bank Consolidation Company which manages state equity in local banks, based on an indicative bid from Cammell Laird earlier this year. Cammel Laird is the sole bidder to implement the shipyard's restructuring and will acquire ownership over all of the yard's long-term assets as part of the plan, a ministry official told Reuters. Figures for the yard's assets were not immediately available.

Its creditors are due to approve the scheme at their meeting on August 30, the ministry said. Then the bail-out plan is to be approved by a court and then it would be launched, the official added. The yard, located in the port of Varna on Bulgaria's northern Black Sea coast owed $77 million to suppliers and the state. The bail out plan envisaged redemption rate of between 96 percent for state creditors and 4.6 percent for uncollateralized creditors.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

CAD/CAM

MOL Makes Fleet-wide Migration to Fleet Xpress

Fleet Xpress will deliver data intelligence to drive smarter and greener shipping operations   26 July 2016: Inmarsat (LSE:ISAT.L), the leading provider of global

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

NAPA Chooses AutoCAD OEM Platform

NAPA and Tech Soft 3D have announced that NAPA Drafting software has been developed using the AutoCAD OEM platform from Autodesk. This allows NAPA Drafting to deliver

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0460 sec (22 req/sec)