At the start of December, after three private bids to purchase the yard were rejected as being insufficiently favourable to creditors, the government formally took ownership of the shipyard, and in the process wrote off about £50 million of previous loans.
At the start of December, after three attempts to purchase the yard were rejected due to unfavorable terms for creditors, the government took formal control of the shipyard and wrote off approximately £50 million in previous loans.