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Treasury faces more problems with Stocznia Szczecinska than expected

2002-05-23 09:07
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2002-05-23 09:07

Treasury faces more problems with Stocznia Szczecinska than expected


A few days after the government decided to renationalise the shipyard Stocznia Szczecinska, Economy Minister Jacek Piechota admitted that the State Treasury had problems with the process of taking back the shipyard from its owners, because BRE Bank had established a pledge on some 20-30% of the company's equity (2mn shares), as a loan guarantee. Another pledge, for 0.5mn shares, had been made by Porta Petrol following the shipyard's failure to pay its overdue loan. Piechota said that when making the decision about bailing out Stocznia Szczecinska, the government had no idea about these pledges. This means that the Treasury would have to pay more than just a symbolic one zloty for the stake as earlier proposed. This also means that the restructuring of the company would be more painful, especially for the shipyard's employees, as immediate payment of their overdue wages is now impossible. One of the shipyard's largest suppliers, the ship engine maker Hipolit Cegielski Poznan (HCP), although hoping for money from the shipyard once it restores its production, also asked the government for assistance. The company counts on a loan or capital boost of PLN 40mn (USD 10mn) and it is possible that it will get some of this money from the Industrial Development Agency (ARP), which received some USD 40mn worth of shares in the telecom company TPSA two days ago. Almost 80% of HCP's production goes to the Polish shipyards in Szczecin and Gdynia, and troubles in Stocznia Szczecinska have gravely affected HCP as well. kp,bb
Źródło:Polski IntelliNews
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