Rescue plan cancelled

PUBLISHED : Monday, 26 August, 1996, 12:00am
UPDATED : Monday, 26 August, 1996, 12:00am

Liquidators of Poland's bankrupt Gdansk shipyard have cancelled a management rescue plan to lease 60 per cent of the yard's assets to a new company, the New Gdansk Shipyard, which would complete nine ships worth GBP323 million (about HK$3.87 billion) - the most profitable contracts from the year's 17-vessel order book.

But the team said it would continue trying to secure financing from domestic banks to enable work to continue, to win better terms from the shipowners and secure outside investors to support the yard and its staff.