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Sent 1: The Finnish government and major creditors of bankrupt shipyard Waertsilae Marine Industries Oy agreed in principle to form a new company to complete most of the troubled shipyard's backlog of 15 ships.
Sent 2: The new company will attempt to limit the shipyard's losses, participants said.
Sent 3: "The situation is that the bankruptcy court will get out of the shipbuilding business.
Sent 4: Everything will be taken over by the new company," said Christian Andersson, executive vice president of Oy Waertsilae, former parent of Waertsilae Marine.
Sent 5: Once its ownership is finalized, the new company will open talks with state-appointed receivers to buy or lease Waertsilae Marine's shipyard facilities.
Sent 6: Subcontractors will be offered a settlement and a swift transition to new management is expected to avert an exodus of skilled workers from Waertsilae Marine's two big shipyards, government officials said.
Sent 7: Under an accord signed yesterday, the government and Union Bank of Finland would become major shareholders in the new company, each injecting 100 million Finnish markkaa ($23.5 million).
Sent 8: Oy Waertsilae is to contribute 200 million markkaa, most of it as subordinated debt, and take a minority stake in the new company.
Sent 9: Customers holding contracts for Waertsilae Marine's undelivered ships are expected to subscribe most of the remaining 170 million markkaa in share capital, government officials said.
Sent 10: Waertsilae Marine's biggest creditor is Miami-based Carnival Cruise Lines Inc. Carnival, which has three ships on order from Waertsilae Marine, presented claims for $1.5 billion damages in the bankruptcy court this week.
Sent 11: Waertsilae Marine's bankruptcy proceedings began Tuesday in a Helsinki court.