Germany's MV Werften has filed for insolvency

(Source: MV Werften)

MV Werften files for insolvency

The management of Germany’s MV Werften has filed for insolvency. The shipyard group with about 1,900 employees at the locations Wismar, Rostock and Stralsund is part of the listed tourism group Genting Hong Kong.

According to information from German pubcaster Norddeutscher Rundfunk (NDR), talks between Genting and representatives of the federal and state governments had previously been inconclusive. The main subject of the negotiations was the further securing of financing for a EUR 1.5 billion cruise ship for the Asian market, which is currently being built at MV Werften.

Genting had previously run into financial difficulties due to the ongoing pandemic and the resulting slump in cruise tourism.

Bremerhaven-based Lloyd Werft, which also belongs to Genting, has also filed for insolvency. Around 300 employees are affected.

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Article Editorial staff Ship&Offshore
Article Editorial staff Ship&Offshore