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Monday 10 November 2008Lindeneau gets loan at last
The world’s largest ship finance specialist, Germany’s HSH Nordbank has thrown compatriot shipyard Lindenau a lifeline. Following Lindenau Schiffswerft & Maschinernfabrik’s insolvency in late September, the bank has provided the yard with a relief loan. The shipyard, which employs 370 regular workers excluding temporary workers, was unable to secure a short-term loan for the construction of a double hull tanker for Bremen. The yard’s backlog of orders stood at Eur 225 million (US$286.13 million) when it filed for bankruptcy.
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