Dimitar Smilenov News

Varna Shipyard Could Be Up By July

Cammell Laird said Bulgaria's dormant, state-controlled Varna shipyard could be up and running again by July if its bid for the indebted yard is approved by Bulgarian courts. "We hope we'll be able to resume operations sometime in July," Cammell Laird's European management director Tom Parry said. A regional court of appeal in the Black Sea city of Varna recently turned down objections by some of the yard's creditors to the British group's bailout plan that has been based on an indicative bid made by Cammell Laird last year. Creditors can appeal that decision within a period of about a month at Bulgaria's Supreme Court of Appeal, said Dimitar Smilenov, a court-appointed administrator at the idled yard that faced insolvency before Cammell emerged as a sole bidder.