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P&S Werften Shipyard Needs ‘Substantial’ Aid, State Says

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May 30 (Bloomberg) -- P&S Werften GmbH, a builder of ferries, container ships and offshore service vessels, needs “substantial” aid to survive, and Germany’s federal government must help, the state of Mecklenburg-Western Pomerania said.

“The yards in Stralsund and Wolgast are in a very difficult situation,” state Prime Minister Erwin Sellering said in a statement on the Mecklenburg-Western Pomerania government’s website.

The two German shipyards need “a double-digit” million-euro loan this week and “substantial financial means” after that to reorganize, Sellering said. While the state is ready to give aid, a rescue package is only possible if the federal government, banks and the shipyards’ owners, management and suppliers also contribute, he said. The European Union must approve any financial aid to P&S Werften, said Sellering.

Calls to P&S Werften’s offices in Stralsund and Wolgast seeking comment weren’t answered.

To contact the reporter on this story: Niklas Magnusson in Hamburg at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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