wsj_0187.xml

WSJ 891102 891102 -0003 WSJ 891102 -0003 = 891102
= 891102
891102-0003 . 891102-0003 . International : @ Finland , Big Creditors @ To Set Up Company @ To Complete Ships International : @ Finland , Big Creditors @ To Set Up Company @ To Complete Ships 11/02/89 11/02/89
11/02/89
WALL STREET JOURNAL ( J ) WALL STREET JOURNAL ( J ) EUROP CCL EUROP CCL BANKRUPTCIES ( BCY ) TRANSPORTATION , TRUCK AND SHIP LINES , RAILROADS ( TRA ) BANKRUPTCIES ( BCY ) TRANSPORTATION , TRUCK AND SHIP LINES , RAILROADS ( TRA ) STOCKHOLM STOCKHOLM The Finnish government and major creditors of bankrupt shipyard Waertsilae Marine Industries Oy agreed in principle to form a new company to complete most of the troubled shipyard 's backlog of 15 ships . The new company will attempt to limit the shipyard 's losses , participants said . `` The situation is that the bankruptcy court will get out of the shipbuilding business . Everything will be taken over by the new company , '' said Christian Andersson , executive vice president of Oy Waertsilae , former parent of Waertsilae Marine . Once its ownership is finalized , the new company will open talks with state-appointed receivers to buy or lease Waertsilae Marine 's shipyard facilities . Subcontractors will be offered a settlement and a swift transition to new management is expected to avert an exodus of skilled workers from Waertsilae Marine 's two big shipyards , government officials said . Under an accord signed yesterday , the government and Union Bank of Finland would become major shareholders in the new company , each injecting 100 million Finnish markkaa -LRB- $ 23.5 million -RRB- . Oy Waertsilae is to contribute 200 million markkaa , most of it as subordinated debt , and take a minority stake in the new company . Customers holding contracts for Waertsilae Marine 's undelivered ships are expected to subscribe most of the remaining 170 million markkaa in share capital , government officials said . Waertsilae Marine 's biggest creditor is Miami-based Carnival Cruise Lines Inc . Carnival , which has three ships on order from Waertsilae Marine , presented claims for $ 1.5 billion damages in the bankruptcy court this week . Waertsilae Marine 's bankruptcy proceedings began Tuesday in a Helsinki court .