Банкеръ Weekly

Briefs

CAMEL LEARD WON THE CASE FOR THE VARNA SHIPYARD

The Varna District Court has finally made the decision pending for three months - on the claim placed in September 2000 by part of the Varna Shipyard creditors against the rehabilitation plan. On December 29, 2000 the court rejected the claim placed by Bulgarian Marine, Central Cooperative Bank, the private ship repairs company Delfin 1 and eleven employees of the shipyard. The court has also revoced the Varna Shipyard insolvency procedure. Thus the court gave a green light to the rehabilitation plan. This of course will be possible after the appelation in front of the Varna Appelation Court is finalized.
The Varna Shipyard rehabilitation plan was approved by the General Assembly of creditors on August 30, 2000. It was developed on the basis of the offer made by the British company Camel Leard and its main goal is to restore the company's activities. The British company undertook to bring to an end the construction of some ships, to allocate financing for some new vessels, to upgrade the equipment, as well as to establish a market for the side production and the companies related to shipbuilding in Bulgaria. The point of disagreement with the above mentioned creditors was the way of satisfying their financal claims.
Should the Varna Appelation Court also rejects the claims of those who are not satisfied with the rehabilitation plan, Camel Leard will need at least 2500 workers to finalize the construction of the ships. As the number of orders grows, so will do the number of workers employed. Some experts, who are well aware of Camel Leard's commercial policy say, that it plans Varna Shipyard to specilize in transforming ships from a certain type into another, which is currently the hit in shipbuilding worldwide.
Camel Leard was established in 1824, when its first shipyard started at the Mercy River near Liverpool, specialisnig in vessels repairs and transformations. Currently it owns seven shipyards in Great Britain, one in Gibraltar, three docks of the biggest European shipyard in Marseille, as well as the biggest shipyard at the Pacific, in Oregon, the USA. The current capacity of Camel Leard allow it to fulfil orders for 500 ships annually. During the 176 years of its existence it has built more than 5000 ships, 2000 of them for the navy.

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