Court Declares Novynskyi Shipyard Bankrupt

On July 19, the Economic Court of Kherson Oblast declared PJSC Kherson Shipyard belonging to Smart Maritime Group of Vadym Novynskyi’s Smart Holding bankrupt and launched the liquidation procedure, the company’s notification reads. Vyacheslav Menchak was appointed the manager of the process.

Kherson shipyard (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.

During the past two years, KSY output showed a six-fold decline. According to CEO Vasyl Fedin, the shipbuilding sector in Ukraine is on life-support of government support.

Source: Interfax-Ukraine