German shipbuilder Bremer Vulkan will file for protection from its creditors because many of its divisions are insolvent

Date: 22/02/1996

The company, which is set to lose 530 million ecu this year, made the announcement after a series of meetings with the European Commission, the board and banks. Vulkan also acknowledged it had misused subsidies to former East German yards it now owns, and pledged to repay them.