Affiliate of Wadan Yards Group as files for bankruptcy

STX Europe has today been notified that Wadan Yards MTW GmbH, an affiliate of Wadan Yards Group AS, has filed for bankruptcy. After STX Europe in 2008 sold 70 percent of its ownership share in Wadan Yards Group AS, STX Europe is today a minority shareholder with a 30 percent ownership interest in Wadan Yards Group AS. STX Europe is not involved in the daily management of Wadan Yards, and the ownership is regarded as a financial investment.
As per 31 December 2008, STX Europe's investment in Wadan Yards Group AS was booked at NOK 309 million. As Wadan Yards MTW GmbH, controlling the two shipyards in Wismar and Warnemünde in Germany, constitutes a major part of Wadan Yards Group AS, STX Europe will reassess the value of the investment in Wadan Yards Group AS based on the outcome made known today as part of the second quarter reporting.