The Varna Court of Appeal turned down Varna shipyard`s reconstruction plan, prepared by the British shipbuilder Cammel Laird. After promulgating the decision the company is to be declared bankrupt. The Ministry of Economy approved the reconstruction program in 2000, but it was later rejected by the company`s creditors. An auditor is to be selected by the creditors at their general meeting. The Ministry announced that six offers have already been made for the Varna shipyard. Experts from the ministry hope that the shipyard will be sold quickly. Later in the day on November 27 Nikolay Vassilev, Deputy Prime Minister and Economy Minister, called on the creditors not to appeal against the decision. He said that theMinistry must be given some time in order to find a strategic investor.