Wadan Yards get repreive

The Norwegian-registered STX Europe, an affiliate of the South Korean STX shipyard and shipping group, has used the occasion of Wadan Yards recent
insolvency and pulled out of the German shipbuilding sector entirely.

STX had acquired the two German shipyards when it bought the Norwegian Aker Yards in early 2009. The company however soon decided to focus on
Akers’ passenger-ship building facilities in Finland and France and sold 70% of the German yards to FLC West, a Russian investment firm. After assuming control, FLC West restyled the former Aker Ostsee Yards as Wadan Yards and announced that it was close to acquiring new shipbuilding orders from
Russia. These however never materialised and the economic downturn and credit crisis saw Wadan slip into financial difficulties very soon.

STX Europe now said it had sold its 30% stake in Wadan to Luxemburg-based Mandataria Finance. The price of the transaction has not been disclosed. STX thus no longer has any shares in the two German yards.

Meanwhile, efforts to rescue the yards continue. A bank consortium has agreed to provide a €190 M bankruptcy assets loan to the two shipyards. Germany’s federal government will cover 90% of the loan’s credit risk. The money is needed to finish work on two large ropax ferries under construction for Stena Line.

Source: The Motor Ship