Amur Shipyard to face reorganization

20.09.2010 United Shipbuilding Corporation (USC) kicked off scheduled reorganization of JSC Amur Shipyard (Komsomolsk-on-Amur) with removal of the director general. Afterwards, the yard could pass bankruptcy proceedings for financial recovery, reports Khabarovsk local newspaper.

According to the source, in the past week the yard's board of directors prematurely removed Nikolai Povzyk from director general's office and appointed his deputy Anatoly Gurov to that post. Gurov will act as director general until the final decision of USC which is the principal shareholder.

"The shipyard is entrusted with numerous tasks; we're about to reorganize and renew it. The previous director was not able to do this job. Nowadays, the situation is severe – wage arrears, social strain etc. Hopefully, new leaders will resolve those problems", reported Interfax citing a USC representative.

Nikolai Povzyk had been heading the shipyard since Oct 1999 till June 2005; then held the post of deputy director general of Lightweight Shipbuilding Concern, Amur branch till March 2008; on Feb 2009 he returned to director general's office of Amur Shipyard.

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Amur Shipyard is a largest shipbuilding company in the Far East; it is capable to build warships and civil vessels with displacement up to 25,000 tons. The yard also builds bearing structures and functional modules of drilling rigs.

"The shipyard works and receives orders; a salvage vessel was recently laid down for Russian Ministry of Transport; the yard takes part in new tenders under support of USC. However, the shipyard has bad credit history", says the USC official.

According to him, Amur Shipyard will be probably bankrupted to establish new joint stock company on the basis of existent capacities", underlined the source.

It was recently said that Amur Shipyard will be halved; one yard will construct civil vessels, another – warships. The demerger will be held to increase effectiveness of production.

Is was assumed that as a result of reorganization, the civil-oriented part will be registered as Komsomolsk-on-Amur local enterprise, and defense part most likely will become an affiliated firm of Sevmash shipyard (Severodvinsk).