Content area
Full Text
WARSAW - The Szczecin shipyard, which played a key role in the Polish struggle to throw off Soviet domination and create a free- market democracy, plans to nearly quintuple equity capital in a Zl406 million ($99 million) debt-for-equity share issue to avoid bankruptcy.
The shipyard's supervisory board Saturday approved plans to raise equity from Zl87.5 million to Zl406 million by asking creditor banks to convert an estimated Zl 98 million in debt into shares.
A shareholders' meeting on the issue, which would give control of the company to the banks, is planned for May.
The yard suspended production Sunday because it lacks money for operations and faces bankruptcy if it cannot...