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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

CAD/CAM

Northrop Grumman Sponsors Maritime RobotX Challenge

Northrop Grumman Corporation is expanding its support for science, technology, engineering and math (STEM) education across the globe by sponsoring the Maritime RobotX Challenge in Singapore, Oct.

SSI's PublisherLT Webinar Postponed

Due to illness of one of the presenters, SSI's free webinar on its EnterprisePlatform PublisherLT software has been postponed by one week to Wednesday, October 22, 2014 at 8 a.

Barging Right into LNG

A raft of new and innovative concepts for LNG barge missions hits the market, in North America and across the pond, as well. Industry gears up for the soon-to-come need for bunkering,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0709 sec (14 req/sec)