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IZAR´s Liquidation Committee begins the process for the sale of its assets with the election of the transaction external advisor

Press release (SEPI)

IZAR' s Liquidation Committee, during the meeting which took place today, agreed to appoint Boston Consulting as the external advisor for the sale of its assets, within the framework of the orderly liquidation of that company. In this way starts the process for the sale of assets of the facilities which were not transferred to Navantia, as is stipulated in the Framework Agreement subscribed on December 2004 by SEPI, IZAR and by the trade unions. The facilities affected are the shipyards located in Gijón, Sestao and in Seville, as well as the engine-manufacturing factory in Manises.

Boston Consulting has been selected from a list of entities, which was approved by IZAR' s Liquidation Committee on June 17th, 2005. The external advisor will collaborate with IZAR, among other activities, in the contacts held with potential buyers, in the writing of the sale documentation, in the coordination of the process, and in the analysis and assessment of the offers submitted.

On April 1st, 2005, SEPI' s Board of Directors and IZAR' s Shareholders Extraordinary Universal Meeting declared to be open the period for the orderly liquidation of this shipbuilding company, according to the reorganization plan for the state-owned shipyards which was agreed with the workers' representatives and which was approved by the European Commission. In the same Board session the Norms for the Liquidation and the composition of IZAR' s Liquidation Committee were also approved, which , among other powers, will be entitled to sell the assets subjected to the market terms and conditions, as established by the European Union, through an open, transparent and unconditional procedure.

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