The|DT Finnish|JJ government|NN and|CC major|JJ creditors|NNS of|IN bankrupt|JJ shipyard|NN Waertsilae|NNP Marine|NNP Industries|NNPS Oy|NNP agreed|VBD in|IN principle|NN to|TO form|VB a|DT new|JJ company|NN to|TO complete|VB most|JJS of|IN the|DT troubled|JJ shipyard|NN 's|POS backlog|NN of|IN 15|CD ships|NNS .|. 

The|DT new|JJ company|NN will|MD attempt|VB to|TO limit|VB the|DT shipyard|NN 's|POS losses|NNS ,|, participants|NNS said|VBD .|. 
"|'' The|DT situation|NN is|VBZ that|IN the|DT bankruptcy|NN court|NN will|MD get|VB out|IN of|IN the|DT shipbuilding|NN business|NN .|. 
Everything|NN will|MD be|VB taken|VBN over|IN by|IN the|DT new|JJ company|NN ,|, "|'' said|VBD Christian|NNP Andersson|NNP ,|, executive|NN vice|NN president|NN of|IN Oy|NNP Waertsilae|NNP ,|, former|JJ parent|NN of|IN Waertsilae|NNP Marine|NNP .|. 

Once|RB its|PRP$ ownership|NN is|VBZ finalized|VBN ,|, the|DT new|JJ company|NN will|MD open|VB talks|NNS with|IN state|NN -|- appointed|JJ receivers|NNS to|TO buy|VB or|CC lease|VB Waertsilae|NNP Marine|NNP 's|POS shipyard|NN facilities|NNS .|. 
Subcontractors|NNS will|MD be|VB offered|VBN a|DT settlement|NN and|CC a|DT swift|JJ transition|NN to|TO new|JJ management|NN is|VBZ expected|VBN to|TO avert|VB an|DT exodus|NN of|IN skilled|JJ workers|NNS from|IN Waertsilae|NNP Marine|NNP 's|POS two|CD big|JJ shipyards|NNS ,|, government|NN officials|NNS said|VBD .|. 

Under|IN an|DT accord|NN signed|VBD yesterday|NN ,|, the|DT government|NN and|CC Union|NNP Bank|NNP of|IN Finland|NNP would|MD become|VB major|JJ shareholders|NNS in|IN the|DT new|JJ company|NN ,|, each|DT injecting|VBG 100|CD million|CD Finnish|JJ markkaa|NN (|( $23.5|NN million|CD )|) .|. 
Oy|NNP Waertsilae|NNP is|VBZ to|TO contribute|VB 200|CD million|CD markkaa|NN ,|, most|JJS of|IN it|PRP as|IN subordinated|JJ debt|NN ,|, and|CC take|VB a|DT minority|NN stake|NN in|IN the|DT new|JJ company|NN .|. 

Customers|NNS holding|VBG contracts|NNS for|IN Waertsilae|NNP Marine|NNP 's|POS undelivered|JJ ships|NNS are|VBP expected|VBN to|TO subscribe|VB most|JJS of|IN the|DT remaining|VBG 170|CD million|CD markkaa|NN in|IN share|NN capital|NN ,|, government|NN officials|NNS said|VBD .|. 

Waertsilae|NNP Marine|NNP 's|POS biggest|JJS creditor|NN is|VBZ Miami|NN -|- based|JJ Carnival|NNP Cruise|NNP Lines|NNPS Inc.|NN Carnival|NNP ,|, which|WDT has|VBZ three|CD ships|NNS on|IN order|NN from|IN Waertsilae|NNP Marine|NNP ,|, presented|VBN claims|NNS for|IN $1.5|NN billion|CD damages|NNS in|IN the|DT bankruptcy|NN court|NN this|DT week|NN .|. 

Waertsilae|NNP Marine|NNP 's|POS bankruptcy|NN proceedings|NNS began|VBD Tuesday|NNP in|IN a|DT Helsinki|NNP court|NN .|. 

