FGI approved changes of investment obligations for ChSZ

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The Fund of the State Property (FSP) of Ukraine approved changes of investment obligations of the owner of JSC Black Sea Shipbuilding Plant (ChSZ, Nikolaev), in particular transition from ton to a hryvnia equivalent of the minimum output, reported a source in FGI.

"According to new conditions, the owner of ChSZ has to provide production in volume at least 360 million UAH a year whereas earlier there was a condition of processing of 60 thousand tons of metal", - he told.

The interlocutor noted that metal prices fell many times therefore at the new prices this condition is almost equivalent to the previous.

Thus he emphasized that all social obligations of the investor and the obligation to budgets of various levels and social funds are kept or even are strengthened.

The source also rejected possibility of bankruptcy of ChSZ, having predicted that case of bankruptcy of plant will be closed soon.

The representative of FGI added that soon the Fund intends to present the transparent mechanism of possible revision of investment obligations taking into account crisis which negatively influences work of the enterprises. According to him, changes of a market situation in many cases objectively demand correction of obligations, for example replacement of requirements about increase in output at increase of its efficiency.

"However, anyway, social obligations have to be kept", - he told.

As it was reported, JSC Kherson Shipbuilding Plant (HSZ), since December, 2007 of owning 90,95% of ChSZ, in the summer of 2008 appealed to FGI to change terms of the contract of purchase and sale of ChSZ concluded by Fund with the former owner of plant - JSC Sudmashprom (Nikolaev).

The new investor was ready to take the obligation to provide output by 2010 in 360 million UAH whereas the existing contract provided till 2006 production of not less than 60 thousand.tons in a metal working equivalent.

ChSZ - one of the largest ship-building shipyards of Ukraine. At the same time in 2006 the enterprise reduced net income by 3,1 times, and in 2007 - by 5,9 times, to 6,5 million UAH, and its net loss in 2007 made 32,82 million UAH


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