GYG takes out a short-term loan due to delays in negotiations with a German shipyard

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Jaime Llinares Taboada

GYG PLC on Wednesday warned of delays in settling its contracts with Nobiskrug shipyard in Germany and agreed to take out a short-term loan of € 3 million ($ 3.5 million).

The yacht service company, which has three active contracts and unpaid invoices related to work at Nobiskrug totaling € 2.8 million, said discussions were taking longer than expected and could not guarantee a prompt resolution.

The GYG said that as a result of the delay in resolving the Nobiskrug situation, it will experience a temporary shortage of working capital for the next one to two weeks, and therefore agreed to take a short-term loan from North Atlantic Smaller Companies Investment Trust PLC, an associate of its second largest shareholder.

Email Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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