Nauta made an arrangement with creditors

The Nauta Shipyard was given a second chance, unfortunately also at the expense of debt reduction, i.e. creditors.

The Nauta Shipyard was given a second chance, unfortunately also at the expense of debt reduction, i.e. creditors.

photo by Maciej Kosycarz / KFP

Stocznia Remontowa Nauta has completed the restructuring proceedings, under which an arrangement with creditors was concluded, and the arrangement was validly approved by the court. As a result of signing the agreement, the liabilities were reduced from PLN 300 million to PLN 105 million.

– Thanks to the successfully conducted restructuring, the Company continues its operating activities in an undisturbed manner. Over 300 creditors were in favor of the arrangement adopted by the creditors, with a total of over 93 percent. voting claims. We would like to thank all creditors for the trust they have placed in us, without which the effective restructuring of the Company would not be possible. Currently, the Company is preparing to perform the arrangement. The dates of individual repayments have been specified in detail in the approved arrangement, and their deadline is counted from the date the court confirms the validity of the decision approving the arrangement (i.e. from November 15, 2021) – she announced Nauta Remontowa Shipyard.
Let us recall that from April 2020, Nauta was subject to restructuring proceedings conducted in consultation with the Court Supervisor. The first version of the “arrangement” was not positively received by creditors, while the second, apparently, gained approval.

Also read:

Nauta Shipyard. As much as PLN 320 million of matured debt

The amount was not given in the communiqué, but it was awarded at a meeting of the Seym’s maritime economy committee.

– Before starting the restructuring or composition proceedings, the debt amounted to PLN 300 million, while as a result of agreements concluded with creditors, the expected value of debt and liabilities decreased to approximately PLN 105 million – he informed Paweł Sobczyk, director of the Department of Supervision III of the Ministry of State Assets.
At the same meeting, it was also announced that on September 16 this year The Industrial Development Agency issued a positive decision on granting public aid in the amount of PLN 100 million to Stocznia Remontowa Nauta. The case has already been referred to the Office of Competition and Consumer Protection, from where it will be forwarded to the European Commission.

What is the plan for the Gdynia shipyard? Now the plant wants to focus on renovation and reconstruction. The authorities of Nauta explain that the Shipyard has been recording an increased number of inquiries in this respect in the civil market segment for three years.

– The company is implementing a new operating model, the aim of which “is to create a compact shipyard based on the renovation and conversion of vessels, as well as new technologies related to alternative fuels” – informed the parliamentary committee.
Another element implemented by the company was the reduction of employment from 453 to 301 people. This is the state at the end of August this year.

Let us remind you that the difficult situation required urgent solutions, because the growing problems threatened the further operation of the Gdynia plant. It started with a contract for the construction of a research vessel “Oceanograf” for the University of Gdańsk, which ended in a loss. Nauta was certainly not helped by the accident that took place in 2017, i.e. the sinking of the dock sailing along with the ship “Hordafor V”. The project concerning the reconstruction of the Lotos Petrobaltic platform, which was completed by the Gdańsk Remontowa Shipyard, also did not help the shipyard.

Also read:

Stocznia Wojenna sells part of the plant to the Navy

Plans for the construction of new units in Gdańsk also failed. The New Construction Plant, launched in 2013 on the premises of the Gdańsk Shipyard, was finally closed. Mainly fishing vessels were established there, which were to become the specialty of Nauta. Unfortunately, in June last year, one of Nauta’s main contractors – the Karstensen shipyard – launched its own shipyard in a facility leased from Vistal Offshore at the Indian Quay in the Port of Gdynia. Until now, the Danish shipyard has commissioned the construction of hulls from Nauta shipyard, now it has started to build them itself. Currently, the property of the New Construction Plant is leased by the Crist shipyard.

About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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