There is still hope for the insolvent superyacht shipyard Nobiskrug: several potential investors have submitted offers to take over the shipyard and its sister company, Flensburger Schiffbau-Gesellschaft (FSG).
According to the preliminary insolvency administrators Christoph Morgen and Hendrik Gittermann, the offers come from industry-related companies based in Germany, rather than financial investors. “Negotiations with the interested parties are well advanced. This applies equally to the sites in Rendsburg and Flensburg,” said Gittermann during an employee meeting. However, both Gittermann and Morgen consider a full and immediate resumption of production under new management by early February to be unrealistic. Maintenance work, TÜV inspections, insurance applications, and other tasks must be completed beforehand.
Flensburg: Restart as early as February?
At the Flensburg site, preparations and work on the 210-meter RoRo ferry are expected to resume in February, potentially bringing short-term employment to the shipyard. According to preliminary insolvency administrator Morgen, he is in close contact with the Australian shipping company SeaRoad. “The interest and cooperation shown by the shipping company are very encouraging and promising,” Morgen stated.
SeaRoad had previously confirmed its commitment to completing the vessel’s construction in Flensburg. A management team from the company is en route to Germany to advance negotiations with the relevant parties. At Nobiskrug, work involves a superyacht for an unnamed owner. No further orders are currently known for either location.
500 employees affected by insolvency
The insolvency proceedings for the shipyard group’s companies are expected to officially begin on February 1. At that point, the period during which approximately 500 employees are eligible for insolvency benefits will end. The potential investors will need a few additional months before normal operations can resume at the shipyards, it was stated.
To avoid the otherwise inevitable closure of operations, all employees will transition to a transfer company starting February 1 for up to four months. There, they will receive 80% of their previous net wages.
Gittermann emphasized that a decision on an investor solution must be made by the time insolvency proceedings begin on February 1. Meanwhile, discussions are ongoing with the state government about possible interim financing, as the entire investor process continues to face immense time pressure.
Windhorst’s role in the shipyards’ history
Former owner Lars Windhorst initially acquired a 76% stake in FSG in February 2019 after the previous owner, Siem Industries from Norway, withdrew. This followed financial difficulties stemming from delays in building the ferry “W.B. Yeats.”
In April 2020, FSG filed for insolvency for the first time. Later that year, in September, Windhorst fully acquired the company out of insolvency. In July 2021, FSG purchased the Nobiskrug shipyard in Rendsburg, which had also filed for insolvency in April 2021.
