EC evaluates SSN shipyard restructuring cost EUR 1.3 billion

APA - Austria Presse Agentur
opublikowano: 17-11-2005, 14:30

Warsaw (Puls Biznesu) - Next week, Stocznia Szczecinska Nowa (SSN) shipyard is going to publish the report on effects of the three-year-long restructuring program. The European Commission is also looking into the program and its results.

Warsaw (Puls Biznesu) - Next week, Stocznia Szczecinska Nowa (SSN) shipyard is going to publish the report on effects of the three-year-long restructuring program. The European Commission is also looking into the program and its results.

Joint costs of restructuring are estimated to amount to EUR 1.3 billion. It comprises of debt restructuring. According to Polish administration, the joint state subsidy amounts to EUR 265m, EU officials wrote in their report.

EC says that the Polish party believed that the shipyard had its own resources of EUR 406m and EUR 700m were public funds. Of the latter, only half is qualified as state subsidy.

Andrzej Stachura, SSN CEO, explained that the restructuring program cost below PLN 250m (EUR 62.8m). He assured that the company had USD 1 billion of sales during the restructuring.

(PLN 1 = EUR 0.251)

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Podpis: APA - Austria Presse Agentur

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