There is still hope for the FSG and Nobiskrug shipyards, as several potential investors have expressed interest in taking over the insolvent companies.
These are industry-related companies from Germany and not financial investors, the provisional insolvency administrators Christoph Morgen and Hendrik Gittermann announced after a staff meeting. Schleswig-Holstein’s Minister President Daniel Günther and Economics Minister Claus Ruhe Madsen also attended the meeting at the invitation of IG Metall Rendsburg.
“Negotiations with interested parties are well advanced. This applies equally to the Rendsburg and Flensburg sites,” said Gittermann. However, Gittermann and Morgen believe that a complete and immediate resumption of production at the beginning of February and then already under new management is unrealistic. Prior to this, maintenance work and TÜV inspections would have to be carried out, insurance cover applied for and much more.
However, preparations and work on the 210-metre-long RoRo ferry are to be resumed at the Flensburg site as early as February if possible, thus bringing short-term employment to the shipyard. According to the provisional insolvency administrator Morgen, he is in close contact with the Australian shipping company SeaRoad. “The interest and willingness of the shipping company are very pleasing and promising,” says Morgen.
SeaRaod remains committed to building a ship at FSG
SeaRoad had previously stated that the shipping company remains committed to building the ship in Flensburg. A management team from the shipping company is currently on its way to Germany to advance negotiations with the relevant parties. Nobiskrug is looking to build a superyacht for an unnamed owner. No other orders are known for the two locations.
The insolvency proceedings for the companies in the shipyard group are expected to be officially opened on 1 February. This will mark the end of the insolvency benefit period for the approximately 500 employees. The potential investors will need a few more months before the shipyards are able to work properly again,” it is said.
For this reason, all employees will be transferred to a transfer company for a period of up to four months from 1 February to avoid an otherwise unavoidable plant closure. There they will receive 80% of their previous net salaries
However, the decision on an investor solution must be made before the insolvency proceedings are opened on 1 February, added Gittermann. At the same time, talks are being held with the state government about possible interim financing, as the entire investor process is still under enormous time pressure.
Former owner Lars Windhorst initially acquired a 76% stake in FSG in February 2019 following the withdrawal of previous owner Siem Industries from Norway after the shipyard ran into financial difficulties during the construction of the ferry “W.B. Yeats” due to multiple delays.
FSG had already filed for insolvency in April 2020. In September of the same year, Windhorst took over the company completely out of insolvency. In July 2021, FSG bought the Nobiskrug shipyard in Rendsburg, which in turn had to file for insolvency in April 2021.
