On August 22nd, the GSM of Stocznia Gdynia shipyard will decide to raise capital by PLN 50-200m (EUR 15.6m-62.4m). Today, the capital amounts to PLN 916m. Who will be interested in the stock of a company which will go bankrupt before September ends unless it finds an investor?
“Creditors of the company may acquire the shares, including Gdynia city”, Maciej Wiewior, the spokesman of the ministry of the treasury said.
The question remains whether only state-owned creditors will get the shares and what the European Commission says about this state aid. The problem would be solved if a private partner acquire the shares as well.
Interestingly, Ukrainian ISD, the potential investor for Stocznia Gdynia, and the owner of Stocznia Gdansk, has not heard about these plans. Meanwhile, the company was supposed to sign privatization agreement today. Stocznia Gdynia trade unions say that negotiations between the government and ISD have failed and there will be no agreement today. ISD is going to comment today.
So far, the Ukrainian company has expected the state to provide PLN 1.35bn of aid to the shipyard (jointly with PLN 515m offered several weeks ago). These funds would be spent to pay back old debts. There have been rumors, however, that the state was going to provide ‘only’ PLN 400m. The state evaluates the shipyard’s debts at PLN 1.5bn. ISD fears that new debts will appear soon and the debt will grow to PLN 2.2bn.
(PLN 1 = EUR 0.312)