THE receivers appointed at troubled shipbuilder Cammell Laird will be the same ones that handled the receivership of the Swan Hunter shipyard on the Tyne seven years ago.

Ian Stokoe, of PriceWaterhouseCoopers (PWC), was the man who rescued Swan Hunter from the brink in 1994.

PWC said it would continue to trade Cammell Laird, while seeking the sale of the group.

The extent of Cammell Laird's financial problems emerged on Wednesday, when the firm said it had called in receivers after suffering a series of problems that caused significant damage to its trading and financial position.

Unions described the move as a blow to British shipbuilding, while workers - about 3,000 in the UK, including at least 800 at yards on the Tyne, Tees and Wear, said they feared for their jobs.

Edward Klempka, one of the four receivers at PWC acting for Cammell said: "We will continue to trade the company while seeking a going concern sale. We are encouraged by the information we have from the company so far and are actively looking to maximise assets and secure the future for Cammell Laird.

"Business continues as usual on Merseyside and Tyneside."

PWC is acting as receivers to Cammell Laird Group - the holding company for all operating subsidiaries within Cammell Laird Holdings.

The accountant said the firm's operations in Gibraltar, Marseilles and the US, together with a number of UK subsidiaries, remained "outside the current arrangements".

John Edmonds, general secretary of the GMB union, said: "We welcome the fact the receivers clearly feel that the company has a future as a going concern.

"We have always argued that the company has been a victim of exceptional circumstances rather than suffering from any fundamental flaws.

"We genuinely believe that the shipbuilding operations at Birkenhead and Hebburn will continue."

Cammell has been struggling since November after losing a £50m ship repair deal with Italy's Costa Crociere cruise operator.

It has also suffered uncertainty over Government financial support needed for a £300m-plus contract with Luxus, the American luxury cruise group.