December 15, 2008
Wadan Yards gets credit lifeline
Though they now belong to Russian state-controlled investment agency FLC West, the two former Aker Yards shipyards in eastern Germany are being thrown a lifeline by the government of the state of Mecklenburg-Vorpommern,
The yards in Wismar and Warnemünde (along with the Okean Yard in Ukraine) were sold off prior to the STX acquisition of the majority shareholding in Aker Yards to become the Wadan Yards Group.
Now, apparently the yards are facing the same credit difficulties as many other German yards. Mecklenburg-Vorpommern is making € 60 million in credit available to protect 2,300 jobs in the two yards--and "thousands more" in suppler industries.