Varna Shipyard to Undergo Rehabilitation.

25.02.2000

Representative of some of Varna Shipyard's creditors agreed to prepare a rehabilitation programme. The creditors were represented by the Bank Consolidation Company, the central Cooperative Bank, and the Ministry of Finance. The shipyard's receiver promised that by March 6 a draft of the information memorandum will be ready, including a full description of the assets and its financial shape. So far the sale of the Varna Shipyard has interested a British, and an Italian-Swiss investor and the Szczecin Shipyard. The future of the Varna Shipyard will be resolved at the general shareholders meeting scheduled for March 31