ABG Shipyard to revive Western India Shipyard

The board of directors of ABG Shipyard, which met on September 12, 2007, approved the company's involvement in a proposal for the revival and rehabilitation of Western India Shipyard (WISL).

According to a release issued by ABG to the BSE today, the revival would be in terms of a scheme of compromise and arrangement between WISL and its secured lenders with ABG as a confirming party.

"The scheme provides certain options for the restructuring/one-time settlement of debt of secured lenders of WISL with the involvement of the company along with other matters connected with the compromise and arrangement including reorganisation of the share capital of WISL," the release added.