FSG gets a lifeline
From left: Investor Lars Winhorst, FSG’s managing director Martin Hammer and chairman of the FSG works council Thomas Jansen with a blueprint of the new RoRo ships (Source: FSG)
Businesses linked to Lars Windhorst’s Tennor Holding are involved in a transferred reorganisation of Flensburger Schiffbau-Gesellschaft (FSG) which had earlier applied for insolvency under German law. The reorganisation will include the transfer of 350 shipyard employees including 31 trainees and nine students, as well as FSG assets. The execution of the contract is still subject to payment of the undisclosed sale price but is planned for September 1st.
Windhorst, whose Tennor Holding has two RoRo vessels under construction there, had earlier promised his support for the shipyard. He commented: “In these difficult times, when there is a lot of upheaval, it is important for me to stand by the FSG and its employees. Unfortunately, it is not possible to retain all jobs at the FSG. But I fundamentally believe in the future of the company, and that is why I am backing the company again, along with Tennor. A difficult restructuring process lies ahead of us. If all those involved stand together, we will get through it.”
Schleswig-Holstein’s Minister for Economic Affairs, Dr Bernd Buchholz, visited the shipyard at the end of last week. “The FSG is one of the biggest industrial employers in northern Schleswig-Holstein and, as such, is very important to the state,” he said. “The renewed acquisition of FSG by Lars Windhorst, coupled with his commissions, would give the FSG time to adjust its strategy.”
