This decision was made considering that the restructuring measures taken to counter the effects of the crisis were unsuccessful, and the forecasts for 2010 are not optimistic. Due to the economic downturn, many ship building projects were postponed or even canceled. In spite of a €50 mln loan granted in the past month by the mother-company, Daewoo Korea, to help its subsidiary overcome the liquidity shortage, the leader of the local ship construction sector continues to require capital, because of the lack of orders.
“We received some help from the mother-company, worth some €50 million, but this is not enough. We continue to have liquidity-related difficulties, and we must be efficient. We will have a talk with the DMHI trade union next week to lay off 300 employees,” the official told Business Standard.
About one month ago, President Traian Basescu visited the Mangalia shipyard, following which he expressly requested the Romanian government to offer support to DMHI, which had applied for a capital increase of some €100 mln from the state in the second quarter of this year. But the company only received the promise of some state guarantees, to be received in the first quarter of 2010, after the capital increase takes place at the end of this year.
