The Mykolaiv regional economic court has startedproceedings against the yard at the request of local supplier Painting andInsulating Venture Rainbow.

A preliminary hearing is scheduled for 24 July.

Okean president Volodymyr Mykhailiuk said the case wouldnot affect the yard.

"The bankruptcy proceedings were initiated by a shipyard'screditor concerning an insignificant debt that emerged as far back as in 2010.The situation is not critical and will not have impact on Okeanoperations," he added.

Management