Just five years after it was founded, SSN faces bankruptcy. The company wants its shareholders, i.e. state-owned Agency for Industrial Development (ARP) or KPS corporation to raise its capital. SSN trade unions want quick decisions and warn with strikes.
“ARP has decided to agree to increase the capital by PLN 100-200m provided that the shipyard management presents modified restructuring plan and pledges to renegotiate contracts”, Roma Sarzynska, ARP spokeswoman said.
The shipyard will have to wait for this funds for several months, however.
Meanwhile, it lacks funds to operate. Therefore it hopes for PLN 34m of credit.
“ARP supervisory board did not agree to lend SSN money because there are no guarantees. It will however buy assets from KPS and convey them to the shipyard”, ARP spokeswoman added.
The European Commission must approve of this transaction.
(PLN 1 = EUR 0.266)