Wadan rescue in sight

Struggling Wadan Yards in Germany is hopeful that a new Russian investor will buy it and save it from closure. Igor Yusofov, Member of the Board of the Russian energy company Gazprom, intends to buy out the insolvent Wadan Yard shipbuilders in Mecklenburg-Western Pomerania and recently came to an understanding with the receiver regarding the sale of the insolvent company.

The price is reputed to be of the order of 40 million euros and the agreed goal is to retain up to 1,600 of the company’s current workforce of 2,500. Before the agreement with the Russian investor can come into force, however, the meeting of creditors must approve it.