Warsaw (Puls Biznesu) – The shipyard in Gdansk wants to get part of the assets of its former owner to compensate its debts. This in turn may deter potential investors from Gdynia shipyard.
On Friday, the first settlement court proceeding will be held in Gdansk. Stocznia Gdanska shipyard demands Stocznia Gdynia to pay back its debts. Andrzej Jaworski, Stocznia Gdanska cEO, wants Gdynia to pay back over PLN 30m (EUR 7.7m) at first. It estimates the debt is two times bigger. Kazimierz Smolinski, the CEO of the sued shipyard, believes that this amount is yet to be set. There are several solutions taken into account.
“Stocznia Gdynia has assets which we could take for their debts”, Andrzej Jaworski said.
Stakes in Stocznia Gdynia subsidiaries, including Euro Luk and Euro Mal could be exchanged. The Agency of Industrial Development ARP, the owner of Gdansk shipyard, is also interested in these companies. However, Gdynia does not want to sell controlling stakes.
“In the restructuring program, the payment of debts is provided if investors come to the shipyard. Next year, Stocznia Gdanska could receive cash. We pay back our debts”, Kazimierz Smolinski, Stocznia Gdynia CEO said.
Dariusz Adamski, the head of Solidarnosc trade union in Gdynia, warns that in case ARP or Gdansk shipyard lower the assets of Gdynia, the possible investors may not be eager to buy the company. Israeli shipowner Rami Ungar and Ukrainian Donbas are ready to inject PLN 500m in the shipyard.
“They won’t pay that much for the brand only without assets”, Dariusz Adamski added.
(PLN 1 = EUR 0.256)