Shipyard split

The state-owned Industrial Development Agency (ARP) in Poland has signed a deal with Gdynia Shipyard that will allow it to take over the Gdansk Shipyard, previously owned by the Gdynia yard. ARP acquired one-third of Gdansk shipyard’s shares expects to come into possession of the remaining shares by the end of this month. However, the Gdynia Shipyard will not get any funds for selling the Gdansk Shipyard. In 2003, ARP lent money to the Gdynia company under the condition that if the debt was not repaid within three years, the agency would take over Gdansk Shipyard. The debt amounted to z³.80 million, which is roughly what the transaction was worth, and as a result Gdynia Shipyard’s debt will be annulled.

The Gdansk Shipyard’s trade union welcomed the move, as the firm’s financial situation was superior to that of the mother company’s. APR also benefits from the acquisition as it represents a beneficial restructuring of the loan it granted to Gdynia Shipyard and will enable APR to look for an investor.