Clock is Ticking on German Shipyard to find Investors to Survive
The financing of the FSG-Nobiskrug Shipyard sites in Rendsburg and Flensburg are secured until January, 31 2025, via the insolvency substitute benefits and a loan secured by the guarantee bank of the state of Schleswig-Holstein. However, the future is dependent on the successful search for investors to revitalize the sites by completing existing and new orders.
Despite the difficult situation, several interested investors have already visited the shipyard sites in Rendsburg and Flensburg within the first 10 days after the insolvency proceedings were opened on December 12, 2024. This shows the high strategic importance of shipyards for defence and the energy transition.
The provisional insolvency administrators of the shipyard group reported on this at a press conference in Flensburg on December 23, 2024. The occasion was a visit by Federal Minister of Economics Robert Habeck and a joint discussion with representatives of the trade union IG Metall Küste and works councils from both shipyards. Minister Habeck emphasised the outstanding importance of the shipbuilding industry for Germany and for the North in particular. He assured them of his personal commitment to maintaining the sites.
Time is of the essence, as the shipyards are only financed until the end of January 2025.
The provisional insolvency administrators have therefore immediately started looking for investors. "We have already held initial talks with potential investors. Their positive investment decision is dependent on the future capacity utilisation of the sites," said Dr. Christoph Morgen (Brinkmann & Partner law firm), provisional insolvency administrator of FSG-Nobiskrug Holding GmbH and Flensburger Schiffbau-Gesellschaft mbH. "In addition to orders for superyachts and the completion of the RoRo ferry in Flensburg, the prospect of future orders for the navy and the offshore wind industry are of particular importance. In this respect, potential investors are hoping for planning security through political commitments," continued Dr Morgen.
There is already great interest in the Rendsburg site, particularly for the construction of superyachts.
"This high level of demand in the early phase of the search for investors makes me confident that we will find a viable solution despite the extremely tight schedule," said Hendrik Gittermann (REIMER law firm), provisional insolvency administrator of Nobiskrug Yachts GmbH and FSG Nobiskrug Design GmbH. "I was particularly pleasantly surprised by the many enquiries from abroad. They show that the quality of the superyachts built by Nobiskrug continues to enjoy an excellent reputation worldwide," said Gittermann.
Photo credit: Marianne Lins