An application for insolvency has been filed for the FSG shipyards in Flensburg and Nobiskrug in Rendsburg owned by investor Lars Windhorst.
The district courts of Flensburg and Neumünster have appointed lawyers Christoph Morgen and Hendrik Gittermann respectively as provisional insolvency administrators, according to a company spokesperson.
This confirms the fears that the two shipyard sites are not economically viable. Among others, Schleswig-Holstein’s Minister of Economic Affairs Claus Ruhe Madsen had expressed this concern, but at the same time ruled out further state aid for the ailing shipbuilding group.
Windhorst stopped paying bills
It recently became known that the controversial shipyard owner Lars Windhorst had also stopped paying electricity bills. Previously, wages and salaries had been paid late on several occasions and service companies had also not been paid. The workforce was temporarily laid off. According to the information provided, there are currently no shipbuilding orders.
The two insolvency administrators are now taking over. Christoph Morgen from the law firm Brinkmann & Partner and Hendrik Gittermann from the law firm Reimer Rechtsanwälte. Morgen had handled the heavy-lift shipping company Hansa Heavy Lift, MV Werften and the traditional Hamburg shipyard Sietas, among others. The task now is to secure the remaining assets and, if possible, to continue operations.
Shipbuilders’ association relieved by Nobiskrug and FSG insolvencies
The German Shipbuilding and Ocean Industries Association (VSM) even sees the development in a positive light: “We are relieved that the shareholder is clearing the way so that the two shipyards can finally be restructured and developed further,” says VSM Managing Director Reinhard Lüken. The need for shipbuilding capacity is huge. “This is, therefore, good news for the entire industry!”
Minister of Economic Affairs Madsen had said that there were potential investors, but that they neither wanted to negotiate with Windhorst nor continue with him in the company.
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 due to multiple delays in the construction of the ferry “W.B. Yeats”.
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 acquired the Nobiskrug shipyard in Rendsburg, which had also filed for insolvency in April 2021.
