Just one worker of the 60 still working at Malta Shipyards has taken up the government's offer for early retirement.
The rest will now be transferred to the government-owned company IPSL.
Malta Shipyards closes tomorrow (Tuesday) and a motion for the transfer of its assets to Palumbo spa will be moved in Parliament next month.
The Italian company, which has refused to retain the workers, is expected to take over the shipyard on a 30-year, €90m lease before the summer.
Finance Minister Tonio Fenech said the company is expected to initially employ 250 workers.