IZAR CONSTRUCCIONES NAVALES EN LIQUIDACIÓN
In the past the IZAR company was dedicated to the activity of civil shipbuilding, now the company IZAR CONSTRUCCIONES NAVALES S.A. EN LIQUIDACIÓN is in liquidation proceedings.
INFORMATION ABOUT IZAR CONSTRUCCIONES NAVALES EN LIQUIDACIÓN
The Decision taken by the European authorities on May 12th, 2004 and which declared as incompatible with the market some of the aids received by IZAR and which required their return, forced the Government to create a Work Team for analyzing the situation and offering potential ways for solving it. IZARs' serious financial position, as a result of not meeting the goals set-up in the industrial plan, and the subsequent Decision by the European Commission lead inevitably the Company to bankruptcy.
After a long negotiation it was reached an Agreement, whose signing on December 16th, 2004 among the trade unions, the Company and SEPI, opened the way for maintaining the maximum possible activity and production levels within the restrictions which imposes the Community Law.
The signing parties agreed to keep the military and the civil activities. With this aim, first of all, it was agreed that all the military activity will be integrated into a new company (Navantia) which also will be able to carry out a complementary civil activity, according to market terms and conditions, allowing to maintain the technological and production capacity required for the military activity and covering periods with a low activity level in this market. This civil activity is limited to 20% of the total activity during a 10 year period, for fulfilling the requirements set by the European Commission.
The factories at Sestao, Gijón, Mainses and Seville, which are destined to civil shipbuilding, will continue to be integrated into Izar, and SEPI will guarantee the workers' rights and the completion of the contracts in progress. Once IZAR entered into liquidation, and as states the Agreement reached with the trade unions, SEPI began the process for selling these facilities with the goal of making room for private capital, and so that the centers are able to maintain their civil shipbuilding activity.
Sale of IZAR?s assets
The Board of Directors of the state-owned holding company SEPI resolved, in its meeting which took place on 18th july of 2006, to authorize to the IZAR?s Liquidation Commission to award Sestao?s assets to Construcciones Navales del Norte, S.L.; those corresponding to Gijón to Factorías Vulcano, S.A.; and those of Seville to the Consortium headed by Astilleros de Huelva. SEPI declared unseccussful the tender process for the Manises Factory and decided to liquidate it. On its part, the European Commission surveyed the sale process from beginning to end.
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