Wadan Yards was a shipbuilding company that filed for bankruptcy in December 2009, followed by bankruptcy in March 2010. The company was created by the sale of the two German shipyards in Wismar and Warnemünde and the shipyard in Mykolaiv in Ukraine by the Norwegian company STX Europe (formerly Aker Yards) to the Russian-controlled investment company FLC West. In March 2008, Aker Yards sold the majority of the two German shipyards and the Ukrainian shipyard to the Russian-controlled investment company FLC West, which is controlled by the entrepreneurs Andrei Burlakov (Russian: Андрей Бурлаков), Sergey Morozov (Russian: Сергей Морозов) and Evgeniy Zaritsky (Russian: Евгений Зарицкий). (The three shipyards were renamed Wadan Yards MTW Wismar, Wadan Yards Warnow GmbH and Wadan Yards Okean OJSC.) The three shipyards became part of the new company Aker Yards Ukraine Holding, of which FLC West held 70 percent and Aker Yards held 30 percent. The transaction was effective retrospectively from 1 January 2008, and since 22 September the shipyards have gone by the name of Wadan Yards. The purchase price was 248.9 million euros. More information...
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