P+S Werften Expects Green Light on DFDS Newbuilds
The insolvency administrator expects Volkwerft Stralsund Yard to resume work soon on the two DFDS RoRo newbuildings. The DFDS order had been previously cancelled when P+S Werften went into administration. Dr. "The signed order for two RoRo special vessels for the Danish shipping company DFDS is now in our hands and is subject to various conditions. As we believe that these conditions will be fulfilled, the insolvency administrator of P+S Werften has instructed the operating company…
Rescue Aid for German Shipbuilder Approved by EC
The European Commission has authorised under EU state aid rules, a state guarantee backing a rescue loan of €152.4 million for the German shipbuilder P+S Werften in Mecklenburg-Vorpommern. The aid is in line with EU rules on rescue aid because it is limited in time and scope. The Commission approved the measure temporarily, until it can take a position on the restructuring plan to be submitted by Germany within maximum six months. The Commission authorised a short-term measure to tackle liquidity problems and enable P+S Werften to pay creditors and properly maintain production pending the implementation of a restructuring plan. P+S Werften GmbH was created in 2010 through the merger of the two long-established German shipbuilding companies Volkswerft Stralsund GmbH and Peene Werft GmbH.