Three years since it was sold off to the Martifer group, Viana do Castelo’s shipyard (ENVC) is still ‘selling off’ assets to try and pay off massive debts.
Last week saw the sale of over 2,270 tons of steel originally destined for the construction of ships ordered by Venezuela eight years ago.
The project ended up “never being completed”, explains Público tracing the issues that brought the shipyard down.
Last Thursday’s sale brought the tonnage of steel sold off in the process of liquidation to 14,500 which translates into a value of €5.3 million.
But there is still some way to go. The ENVC has to shift a further 2000 tons of steel profiles, says Diário de Notícias, stressing nonetheless that with the proceeds of auction sales this far – last Thursday’s steel brought in another €740,000 – debts can be “partially repaid” which will in turn allow the company to “resolve the difference with the European Commission in terms of State help that has to be returned” before the sorry saga can reach its “final phase of extinction”.
natasha.donn@algarveresident.com
