The future of Meyer Werft is secure for the time being. The company has now reached all the necessary agreements with the state, federal government and banks.
As reported, the federal government and the state of Lower Saxony are jointly acquiring around 80% of the shares in Meyer Werft and are contributing €400m in fresh capital. In addition, they will guarantee up to 80% of the total amount for a new credit line of €2.5bn. The money is needed to finance the construction phase of existing orders.
Despite the current financial challenges, the company has orders worth €11bn up to 2031, and the successful refinancing will secure jobs at the shipyard and in its extensive supplier network, it says. According to an independent expert, the existence of more than 20,000 jobs in Germany depends directly and indirectly on the continued existence of the shipyard.
Loans and guarantees for Meyer newbuildings
The guarantees were a decisive factor in getting the financing banks back on board. The remaining 20% of the shares will, in the future, be in the hands of the Meyer family. The company also has a buyback right for the state shares. The aim is to transfer the company back into private hands in the long term.
“We firmly believe that our company, with its innovative technology and dedicated team, has a future,” emphasises Meyer CEO Bernd Eikens. The restructuring officer, Ralf Schmitz, points out that there is a viable restructuring plan. “In the coming months and years, there is a considerable amount of homework to be done to get Meyer Werft back on track.”
Bernard Meyer expressed his gratitude: “I am convinced that we will now be able to correct the course under our own steam and will one day be an economically healthy and successful, family-run flagship company again.”
