>The Producer Of Super Vita Boats Asks For Bankruptcy Protection

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HS Roussen. Photo from Wikipedia by K. Krallis
The Greek shipyard Elefsishas asked for conciliation procedure as it is facing the doomingliquidity problems .
The owner of the shipyardNeorion Holdings, announced that they were asking protection fromdebtors under the Article 99 of Law 3588/2007 as they wererestructuring the dept of the shipyard.
The shipyard one of thebiggest private shipyards in Greece was producing Super Vıta classcorvettes fro the Greek Navy with BAE naval Systems.
At the beginning ofthis month, BAE Systems Surface Ships announced that it has pulled itself from the contract with theElefsis. BAE Systems cited the lack of payments for the project byGreek government as the reason for its departure.
The construction ofSuper Vıta corvettes is or was the biggest warship constructionproject in Greece besides the construction of 6 Type 214 AIPsubmarines. The submarine procurement program also faced enormousproblems which have been discussed lengthy over the last months.
The Super Vita / Roussenprorect started in 2000 when BAE Systems signed a contract withElefsis Shipyard, for the production of 3 Super Vita corvettes, inGreece. BAE Systems was to supply the design, and combat systemintegration service. Furthermore the constructions facilities atElefsis were to be modernized. The contract also incorporatedtechnology transfer.
The first boats covered inthe initial contract are already delivered to Greek navy. In 2003options for 2 additional ships and in 2008 again for further twoships were executed by Greek Navy. However only the first ship of theoptions is delivered to the Greek Navy. The remaining three are indifferent stages of production.
Now with BAE systemswithdrawn from the contact and the Elefisis is asking for protectionfrom bankruptcy, it the fate of the remaining three ships is verydubious.
The 62 meters long vesselshave a displacement of 671 tonnes and carry 8 MM40 Excocet anti shipmissiles, 21 RAM anti air missiles. The gun armament consists of one76mm main gun and 2 30mm secondary guns. The boats are quite wellarmed for their dimensions.  

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