Wadan Yards shipyards in Germany — are insolvent

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Shipyards of ship-building group Wadan Yards in the German cities of Wismar and Rostock - Varnemyunde (the federal Land of Mecklenburg - Forward Pomerania) were insolvent.

The official demand about the beginning of procedure of bankruptcy arrived on Friday, the representative of administrative court of the city of Schwerin Peter Winterstein (Peter Winterstein) reported to DPA agency.

"In this case it isn't necessary to count on support of the land government as earlier the help" was already provided to shipbuilders, - quotes Deutsche Welle of the Minister of Economics of Mecklenburg Juergen Seidel (Jurgen Seidel). He made this statement after a meeting with the head of board of directors of group Andrey Burlakov, adds Der Spiegel.

Yu.Zaydel reminded that guarantees of the federal and land governments, and also the credits for total amount of 220 million euros were already provided to shipyards of Wadan Yards. The contribution to rescue of shipyards have to make and owners, the minister noted.

The German mass media emphasize that about 2,7 thousand people can lose work: shipyards are one of the largest employers of the federal land.

Owners hoped for orders from Russia, notes Deutsche Welle: it was a question of the orders allegedly secured in Russia for total amount of 2,5 billion euro. Now a press - the secretary of Wadan Matthias Trott (Matthias Trott) calls a situation "very bad".

Wadan Yards is created in July, 2008 as a result of the transaction on acquisition of part of assets of ship-building concern Aker Yards by the FLC West company, 50 which % belonged earlier to FLK group. 3 shipyards were a part of the transaction then - two in Germany (Wismar and Varnemyunde) and one in Ukraine (the Nikolaev plant "Okean"), and also the 2nd design - bureau and 2 engineering centers. Now 70% of shares of the company of Wadan Yards belong to FLC West, and 30% - to the Korean concern STX which has redeemed Aker Yards in September, 2008.

At the same time A. Burlakov declared that "it is a question not of bankruptcy, and of the procedure of an inzolvention provided by the German legislation". "This procedure, really, assumes protection against creditors, but it, most likely, will be stopped earlier, in 3 months", - the Kommersant newspaper brings on Monday of his word.

By words And.Burlakova, the German shipyards of Wadan Yards now lack for liquidity and aren't able to pay a salary to employees. The entered procedure allows the authorities of Germany to assume obligations for salary payment.

The authorities are ready to allocate 13,5 million euros, and Wadan Yards undertakes not later than in 3 months to return to them this money, he noted. A. Burlakov claims that now on company accounts in Norway there are 110 million euros but to involve these means the consent of all shareholders of Wadan Yards, including STX is required. A. Burlakov will carry out negotiations with it on Monday, notes the edition.


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