Can Cammell Laird Teeside Be Saved?

Struggling British shipbuilder Cammell Laird Plc, which has had to axe nearly 600 jobs after entering receivership earlier this year, has accepted an offer by one of its former executives to buy one of its yards.

A spokeswoman for accountancy firm PricewaterhouseCoopers, acting as receivers for the group, said on Wednesday that contracts were being negotiated for the buyout offer for the yard at Teesside, northeast England.

She declined to give financial details of the agreed deal with former Cammell Laird executive Eric Welsh, and declined to comment on whether the offer could lead to jobs being saved.

"We have accepted his offer and contracts are being drawn up," she stated.