Wadan yards file for bankruptcy

SHIPYARDS in Wismar and Rostock in Germany today filed for bankruptcy protection after talks failed to secure fresh funding from their majority shareholder FLC West.

Despite €220M ($308M) in loans and loan guarantees by the federal and state governments, the company collapsed. Government officials and the 2,500 workers at Wismar and Rostock-Warnemünde blamed FLC – registered in Luxembourg and controlled by Russian interests. Wadan’s supervisory board chairman Andrej Burlakow was confronted by an angry mob of 150 workers in Wismar yesterday. They demanded clarity about outstanding wages.

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