Polish shipyard bankruptcy would have far reaching affect

The potential bankruptcy of Polish shipyards will not only affect those employed locally, but also the fall of some 800 mid-sized companies, both domestic and international, employing 100,000 workers.

If the EC declares that the new structuring plans, due on 12 September, do not meet EC privatization laws then the Gdansk, Gdynia and Szczecin shipyards will have to pay back subsidies they have received since 2004. The threat of bankruptcy will no longer affect just Polish firms, but also international suppliers.

According to a spokesman at Gdynia shipyard, some 50 % of the supplies come from imports. The Gdynia shipyard imports 40 to 47 % of supplies while 53 to 60 % of supplies come from Polish firms.

The Treasury Ministry is waiting until today for new offers from investors interested in the privatization of the Gdynia and Szczecin shipyards. The EC has given Poland until 12 September 12 to submit new restructuring plans.