German shipbuilder Wadan Yards has received further financial assistance, this time a grant from the state of Mecklenburg-West Pomerania to extend the length of the loan it was granted at the end of last year.<\/p>\n
In December 2008, Wadan secured a Euro 60 million ($774.4 million) bridging loan to save it from insolvency, and has now asked for more time to pay back part of the amount, the office of the state parliament?s finance committee said.<\/p>\n
Wadan was also granted a further $23.3 million credit line, which is to be financed with the remaining $61.9 million to be repaid by March. Last week, Wadan secured a $231 million loan from the Deutsche Bank and KfW Ipex consortium. The company?s two yards in Wismar and Rostock-Warnemunde went bankrupt last year after unsuccessful attempts to secure bank loans. The new loan is a part of the German government?s economic stimulus package whereby the Government will take on 90% of the credit risk while the banks assume only 10%.<\/p>\n
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German shipbuilder Wadan Yards has received further financial assistance, this time a grant from the state of Mecklenburg-West Pomerania to extend the length of the loan it was granted at the end of last year. In December 2008, Wadan secured a Euro 60 million ($774.4 million) bridging loan to save it from insolvency, and has […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"sponsor":[],"class_list":["post-2642","post","type-post","status-publish","format-standard","hentry","category-general-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts\/2642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/comments?post=2642"}],"version-history":[{"count":0,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/posts\/2642\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/media?parent=2642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/categories?post=2642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/tags?post=2642"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.motorship.com\/propulsion-and-future-fuels-conference\/wp-json\/wp\/v2\/sponsor?post=2642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}