19th to 21st of May 2020

Vulcano escapes bankruptcy after the Pymar joining to the creditors meeting

The entity has approved a discount of the 80% of the shipyard debt, that appreciate companies, administrations and workers their implication. Bran "in extremis". Vulcano has just avoided its closure after the Pymar decision of join their creditors meeting. The council members set up by shipyards and Government and Regional administrations had discussed strongly about thi, this morning in Madrid.

The decision means that Pymar, main Vulcano creditor, accept a 80% reduction of the debt. The other 20% will be recovered through a payment plan that will finish in 2024.

Administration wanted to announce their engagement with the Galicia naval sector and had remember that they had awarded Vulcano with 1093 millions Euros of guarantee since 1990.

Board of directors of the shipyard appreciates in a communiqué the behaviour of Pymar, workers, Company Committee and auxiliary brands.
Source: La Voz de Galicia

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