PracticeConsultingKPMG brought in at Cammell Laird

KPMG brought in at Cammell Laird

KPMG has been appointed as administrator to Cammell Laird Holdings plc - the owner of the shipyard trading subsidiaries which went into receivership last week.

The administrators, Roger Oldfield and Brian Green, said they would focus on pursuing claims from the Italian company Costa Crociere and realising the assets for creditors of the holding company.

Cammell Laird Holdings Plc entered into a Euro 80m contract with the Italian company to supply and fit the middle section of a luxury liner. Costa Crociere failed to deliver the ship to Cammell Laird in November 2000.

Brian Green said: ‘We will be making every effort to maximise the recovery of assets for the creditors of Cammell Laird Holdings Plc through the pursuit of claims under the contract with Costa Crociere.’

The administrators added that where appropriate they would be working with PricewaterhouseCoopers, receivers of the trading group.

Seperately, PwC announced it was to cut 320 jobs and mothball Cammell Laird’s Teesside yard.

Receivers said there would be 110 redundancies at the yard, along with 150 job losses at Birkenhead and 60 at Tyneside.

Essential maintenance work will still be carried out at Teesside by a skeleton staff of 40 workers.

PwC said that the reduction in staff would not affect Cammell Laird’s ability to complete ongoing contracts and maintained it was still aiming to sell the business as a going concern.

Links

Receivers optimistic of Cammell sale

Shipbuilder Cammell calls in receivers

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