Update on Insolvency of FSG-Nobiskrug Shipyard

Salaries of the 500 employees are secured by insolvency money; discussions planned with clients for shipbuilding projects already underway. The Provisional insolvency administrators want to jointly develop restructuring solutions.

The Flensburg and Neumünster district courts have initiated insolvency proceedings for four companies in the Schleswig-Holstein shipyard group FSG-Nobiskrug. The companies affected are FSG-Nobiskrug Holding GmbH, Flensburger Schiffbau-Gesellschaft mbH, Nobiskrug Yachts GmbH and FSG Nobiskrug Design GmbH with its shipyard sites in Flensburg and Rendsburg.

The insolvency courts have appointed Dr. Christoph Morgen (law firm Brinkmann & Partner) and Hendrik Gittermann (law firm REIMER) as provisional insolvency administrators. Both experts have commenced their work and are working closely together to develop reorganisation solutions for the shipyard group.

In order to secure the wages and salaries in the short term of the almost 500 employees - around 340 in Flensburg and 140 in Rendsburg - insolvency pre-financing was initiated. It covers wage and salary payments up to and including January 2025 and also includes the outstanding November salaries.

The provisional insolvency administrators will now contact the clients for the two shipbuilding projects that have already begun at the shipyard sites in Flensburg and Rendsburg. These are a RoRo ferry (FSG) and a superyacht (Nobiskrug). If necessary, Dr. Morgen and Mr. Gittermann then want to talk to the federal and state governments about possibilities for support with interim financing of construction costs until acceptance and payment by the clients. At the same time, they will develop further options for restructuring the renowned shipyards.