HSH Nordbank bolsters Lindenau shipyard with large loan
28 million euros to rescue shipyard of long standing Jobs of the entire workforce safeguarded
Hamburg/Kiel, October 27, 2008 - HSH Nordbank makes a line of credit for EUR 28 million available to the Lindenau shipyard, which is currently under insolvency administration.
This will ensure the survival of the long-standing shipyard in Kiel-Friedrichsort and safeguard the jobs of around 370 employees and 150 contract workers. In spite of full order books, the shipyard recently got into difficulty when it ran out of funds for prefinancing a double-hull tanker already being built. This generous line of credit is being granted subject to continuous supervision of the construction phases for the double-hull tanker by independent experts.
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