Brussels backs shipyard rescue plan

24th July 2009

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The Gdansk Shipyard will be able to receive additional support from the government and will not have to give back past state aid.

This is according to a restructuring plan approved by the EC on Wednesday. In return, the shipyard will have to reduce production capacity by closing two of its three existing slipways. The plan's approval will allow the shipyard to avoid bankruptcy and marks the end of a five-year struggle between Poland and the EC over EUR 251 mln in illegal state aid received by the shipyards since 2004. The plan also permits the Polish government to provide a total of PLN 35 mln in direct aid and PLN 42 mln in loan guarantees to the shipyards between 2009 and 20012.

Ship pro ...