“Nauta”: successful completion of the restructuring process

The Management Board of the Repair Shipyard “Nauta” SA informed about the completion of restructuring proceedings conducted by the Company, under which a composition agreement with creditors was concluded and the agreement was validly approved by the court.

Thanks to the successful restructuring, the Company continues its operations uninterruptedly. More than 300 creditors voted in favour of the arrangement approved by the creditors, with a total of more than 93% of the claims voting. We thank all creditors for their confidence in us, without which effective restructuring of the Company would not have been possible. The Company is currently preparing to implement the arrangement. The dates of particular repayments have been indicated in detail in the approved agreement, and their deadline is counted from the date on which the court confirms the validity of the decision approving the agreement (i.e. from 15.11.2021). – stated Shiprepair Yard “Nauta” SA in a communiqué.

Since April 2020, the shipyard was under restructuring proceedings conducted in agreement with the Court Supervisor.

The purpose of opening these proceedings was the need to protect the rights and interests of the Company and all its stakeholders, in particular creditors, shareholders and employees. This protection is necessary in order to carry out effective restructuring aimed at satisfying creditors to the maximum extent possible while maintaining the continuity of the Company’s operations, jobs and State budget revenue,’ Nauta informed in April last year.

Prior to the proceedings, the yard had liabilities to creditors amounting to approximately PLN 300 million. As a result of the agreements reached, the value of the debt decreased to around 105 million PLN – informs Trójmiasto.pl citing Pawel Sobczyk, director of the Supervision Department III of the Ministry of State Assets.

Moreover, the positive decision on granting state aid to Nauta Shiprepair Yard in the amount of 100 million PLN was issued by the Industrial Development Agency. The case has already been referred to the Office of Competition and Consumer Protection, from where it will be further forwarded to the European Commission.

The new operational model of the Shiprepair Yard “Nauta”, as reported by Tri-City.pl, will consist in establishing “a compact shipyard based on repairs and conversions of vessels, as well as new technologies related to alternative fuels”.

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