Just 262 dockyard workers have so far opted out of the early retirement schemes, and it appears likely that the ailing 'yard will end up with just a few dozen workers on its books by Tuesday.
Statistics obtained by The Sunday Times clearly show a last-minute rush: A total of 1,365 of the 1,627 workers have applied for the redundancy schemes.
However, Finance Minister Tonio Fenech expects the number of applicants to increase further in the next two days. Workers will not be eligible for the full benefits of the retirement schemes after Tuesday.
"It's very positive that the figure is so high... this should also help us with the European Commission," Mr Fenech said yesterday.
The rush for the schemes was prompted by EU Commissioner Neelie Kroes who said that the government's intention to write off about €100 million in debts before selling Malta Shipyards violated EU rules.
In line with the EU treaty, the government cannot continue to subsidise the shipyards after December.
The workers appeared to have been further encouraged when the government and the GWU agreed to top-up the retirement scheme fund on offer by a further €9 million.
The size of the workforce has a bearing on the position of the European Commission, and the "encouraging" number of scheme applicants diluted the problem, Mr Fenech said.
Ms Kroes had warned the government against accepting a cheaper bid in which the bidder offered to take on more workers. In that case, she said, the Commission was likely to view the transaction as having an element of state aid.
The government had initially said it believed the workforce should be reduced to at least 700 before the privatisation process is initiated. However, the figure now is considerably lower than that.
An international call for expressions of interest in Malta Shipyards has closed, though the government is refusing to reveal any details.
The new buyer of the dockyards will decide how many workers it wants on its books and those applying for the schemes have every right to reapply for a job under new working conditions.
Asked whether liquidation was still a possibility, Mr Fenech said: "It's our intention to keep the company going until we finish off the pending contracts... But I'm positive about the expressions of interest - and I'm positive about the privatisation process."