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Rescue aid temporarily approved for shipbuilder P+S Werften

By  |  July 11, 2012
Rescue aid temporarily approved for shipbuilder P+S Werften

The European Commission has authorized rescue aid for P+S Werften, a German shipbuilder that resulted from the Volkswerft Stralsund-Peene Werft merger in 2010. The aid is in the form of a state guarantee backing a rescue loan of €152.4 million. The measure is approved temporarily, until the Commission decides on a restructuring plan that will be submitted in six months.

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    The Commission also authorized a short-term measure to allow P+S Werften to pay creditors and properly maintain production during this period.

    Full content: EC Press Release

     

    Related content: State aid: Commission adopts temporary framework for Member States to tackle effects of credit squeeze on real economy

     

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