Stocznia Gdynia to receive assets from the state

Stocznia Gdynia in Poland may next year receive the stakes of companies whose minority shareholder is still the Polish state. The shipyard has started negotiations with its potential investors including Israeli shipowner Rami Ungar and Ukrainian Donbas. They are supposed to inject PLN 500m (EUR 125.9m) of cash in the company. They have one condition, however: the state should help them pay back the debts of the shipyard.

“The shipyard has about PLN 1 billion of debts. Half of them would be paid by investors and half by the state. The Ministry of the Treasure has started reviewing the minority stakes owned by the state. The shipyard will receive shares of some state-owned-enterprises”, Pawel Poncyljusz, the deputy Minister of Economy said. “In 2007, the state will raise Stocznia Gdynia capital with PLN 515m”, Michal Krupinski, the deputy Minister of the Treasure added.

However, Stocznia Gdynia is in a very difficult situation. Investors will support it financially when the European Commission concludes the control of restructuring programs implemented in the shipyard. The opinion of Brussels officials should be presented in November, however there is a threat that the analyses will be delayed until February next year.