German Investor Eyes Burgas Shipyards

MarineLink.com
Friday, March 14, 2014

Source: novinite.com

First Investment Bank, the main creditor of the Burgas Shipyards AD, has expressed interest in handing over management of the company to a German investor.

Radoslav Valchev, a representative of the Bulgarian office of the German company, explained Friday in an interview for the Bulgarian National Radio (BNR) that the company had prepared a rehabilitation plan for the factory.

The fate of the Burgas Shipyards AD is to be decided next Wednesday.

Valchev noted that in the case of a decision to hand over the management of the Burgas Shipyards to the German investor, the public tender for the sale of its property would be stopped and the laid-off staff would be reappointed.

Meanwhile, some 150 former employees of the Burgas Shipyards, who were made redundant without receiving salaries for several months, threatened to stage protests in Strasbourg.

In a letter to Burgas District Governor Pavel Marinov, the workers insisted that they be informed whether the Burgas Shipyards would be declared bankrupt or would switch to a rehabilitation plan.

No final decision has been reached on the bankruptcy proceedings for the Burgas Shipyards.

On Thursday, the assets of the company were put up for sale for BGN 47 M.

The assets of the company were subdivided into several lots, so that bidders could apply for them separately. The tenders have been scheduled for mid-April.

Deputy Prime Minister Daniela Bobeva explained Friday in Parliament that the state could not interfere in the matter at present for two reasons, including the tender procedure and the fact that the move would be interpreted as state aid under EU laws.

Bobeva suggested that there were other problems apart from the huge debts of the Burgas Shipyards, including changes to the spatial development plan of Burgas envisaging municipal streets running through the factory's territory.

She claimed that it was one of the reasons why the Burgas Shipyards had failed to find an investor despite the fact that it had attracted investor interest.

Citing an analysis drafted at the request of the government, Bobeva stated that Bulgaria could sell 1000 locally manufactured ships on an annual basis.

Stressing the lack of support for the sector in the past few years, she said that the number of companies in the shipbuilding business had dropped from 45 in 2005 to 26 in 2012.
 

Maritime Today


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

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

People & Company News

Dynasafe Promotes Chas Reid

Dynasafe BACTEC Limited has appointed Chas Reid to International Marine Services Director.   Kevin Kneebone MD, Dynasafe BACTEC said, “Chas has over the last

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

OTC Names 2016 Award Winners

The 2016 Offshore Technology Conference (OTC) will honor this year’s Distinguished Achievement Award recipients on Tuesday, 3 May, in Houston.   As part of the

Shipbuilding

US Contract for Next Generation Nuclear Sub Planning Program

The US Navy has awarded General Dynamics Electric Boat a $23.6 million contract to continue development work on the Ohio-class replacement nuclear submarine, General Dynamics said in a press release.

Meyer Turku Lays Keel of Tallink’s LNG Ferry

The keel of the Tallink’s new LNG-powered fast ferry Megastar was laid at the Meyer Turku shipyard   The hull assembly of Tallink’s new fast ferry Megastar started

Pentagon: Cut in LCS Ship Program 'Not an Indictment'

U.S. Deputy Defense Secretary Robert Work said the Pentagon's plan to truncate the Littoral Combat Ship program at 40 ships instead of 52 reflected budget pressures

Finance

Obama’s Budget ‘Grossly Imbalanced’ For US Ports -AAPA

Landside freight transportation funds would increase; navigation, port security and emission reduction funds would drop    The American Association of Port Authorities

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

AIWA Highlights Investment Needs on the Nation’s Marine Highways

Nowhere is that more important than on the Atlantic Intracoastal Waterway. As 2016 begins, we at the Atlantic Intracoastal Waterway Association (AIWA) are looking

News

CMA-CGM and Cosco Alliance in the Offing?

The newly-formed shipping giant China Cosco Shipping Corporation and CMA CGM met recently in Shanghai to discuss the possibility of a new French-Asian alliance, say local Chinese media.

U.S. Okays ConocoPhillips LNG Exports

The U.S. Department of Energy has renewed authorization for liquefied natural gas (LNG) exports from the North Kenai ConocoPhillips facility, reports Reuters.   The

India to Import LNG from Australia

India may contract long-term supplies of liquefied natural gas (LNG) from Australia if price is comparable to Indian coal which remains the fuel of choice for power generation companies in New Delhi.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Port Authority 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: 0.1953 sec (5 req/sec)