Gdynia yard gets aid

Gdynia Shipyard in Poland has received $178 million in public aid, most of which will be used to cover the shipbuilders debts. The company will be privatized by the end of 2008.

The decision to offer the firm public money was dependent on the European Commission which warned that, in the absence of any restructuring plan, it would not allocate the funds. On December 8 the EC finally accepted the firm’s restructuring program.