VARNA SHIPYARD`S BUYER WENT BANKRUPT

Business | April 13, 2001, Friday // 00:00

Varna Shipyard`s candidate buyer Cammell Liard declared insolvency and called in receivers. There are suspicions that the company failed to guarantee the instalment on the contractual loan of EUR 125 M. On April 11 Cammell`s shares on the London stock exchange were suspended on the company`s request. Varna Shipyard can begin the implementation of the rehabilitation plan proposed by Cammell regardless of the financial status of the company. According to the plan the program will be carried out either by Cammell or by an investor suggested by it.

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