Warsaw (Puls Biznesu) In March, Stocznia Gdynia shipyard decided to issue PLN 200m (EUR 50.8m) of bonds for its creditors. The offer is binding till the end of December but may be prolonged. The shipyard has managed to sell PLN 20m of bonds only.
We hope the issue will amount to several dozen millions zlotys, one of the company's representatives said.
Officially, the management of Stocznia Gdynia, refused to comment. The reason for poor interest to buy bonds is connected with the lack of strategy for the company. Shipyard employees want investors to acquire their company while the government considers consolidation.
Elzbieta Dudziku, Stocznia Gdynia CFO, stressed that settlements with private creditors are a bigger success than bonds. The company has signed PLN 423m of settlements and still has just over PLN 100m to pay back.
Shares issue was also more successful. Several months ago, the shipyard decided to issue shares worth up to PLN 215m. The management expected to raise PLN 210m to PLN 350m.
We have managed to raise PLN 401m, Elzbieta Dudziuk said.
The Ministry of Treasure acquired shares worth PLN 80m while the Industrial Development agency - PLN 40m.
(PLN 1 = EUR 0.254)
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