Izar sold to local shipbuilders

More details have now been received regarding the sale of IZAR. Spain’s government has now agreed to sell three shipyards to local shipbuilders as part of the privatization of troubled shipbuilding company Izar. In a press release, Spanish government holding company SEPI confirmed it agreed to sell the Sestao yard to Construcciones Navales del Norte SL. A second yard, in Gijon, also in northern Spain, was sold to Factorias Vulcano SA, while the Seville-based shipyard was sold to Astilleros de Huelva.

The financial details were not disclosed. The funds obtained from the sale are earmarked for the repayment of some of the 1 billion Euros that the Spanish government funneled to the SEPI-owned shipbuilder Izar, and that the European Commission deemed illegal.