Court Declared Novynskyi Ship-Yard Bankrupt

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Thursday, 21 July 2016, 13:34

On July 19, the Economic Court of Kherson Oblast declared bankrupt PJSC Kherson Ship-Yard belonging to Smart Maritime Group of Vadym Novynskyi’s Smart Holding and launched the liquidation procedure, the company’s notification reads. Vyacheslav Menchak is appointed the referee.

Kherson ship-yard (KSY) was established in 1951. Along with Chornomorskyi Ship-Yard (Mykolaiv), it was a part of Smart Maritime Group of Smart Holding.

According to the company’s report, the net loss of KSY in 2015 increased to ₴738.8 million ($29.5 million), or +30.4% compared to 2014, while the net revenue dropped to ₴40.5 million ($1.6 million), or -56.1% compared to 2014.

During the past two years, the KSY output showed a six-fold decline. According to CEO Vasyl Fedin, the sector of ship-building in Ukraine is destined for death but for the government support.

Source: Interfax-Ukraine

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Court Declared Novynskyi Ship-Yard Bankrupt

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