Gdansk demands Gdynia assets

The Gdansk shipyard in Poland wants to acquire part of the assets of its former owner to compensate its debts. This, however, may deter potential investors for Stocznia Gdynia shipyard.

The first court settlement proceeding will be held in Gdansk. Stocznia Gdanska is demanding that Stocznia Gdynia pays back its debts of 7.7 million Euros in the first instance. Analysts put the estimated debt at twice that amount.

Stocznia Gdynia has assets which Gdansk could take to pay off their debts while stakes in Stocznia Gdynia subsidiaries, including Euro Luk and Euro Mal could be exchanged. The Agency of Industrial Development (ARP), the owner of Gdansk shipyard, is also interested in these companies. However, Gdynia does not want to sell controlling stakes.

In the restructuring program, the payment of debts is provided if investors purchase the shipyard and, next year, Stocznia Gdanska could receive cash according to Kazimierz Smolinski, Stocznia Gdynia CEO.