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2012 July 11   18:21

EU regulators clears 152 mln aid for German shipbuilder

German shipbuilder P+S Werften secured EU regulatory approval on Wednesday for a German state guarantee for 152.4-million-euro ($186.8 million) rescue loan, but will need to present an overhaul plan to ensure its viability, Reuters reports.

The European Commission said it had temporarily authorised the rescue aid to allow P+S Werften to pay off creditors and maintain production.

The EU competition watchdog said German authorities have up to six months to submit a restructuring plan for the shipbuilder.

P+S Werften, created in 2010 through the merger of German shipbuilding companies Volkswerft Stralsund GmbH and Peene Werft GmbH, operates two shipyards in Mecklenburg-Vorpommern and employs about 1,800 employees.

Shipping companies have been hit by the global economic turmoil and tighter bank financing.

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