Flensburger Schiffbau goes into self-administration
An experienced team of restructuring experts, lawyers and shipbuilding specialists have moved in to oversee the affairs of German shipyard Flensburger Schiffbau-Gesellschaft (FSG) after an application to the Flensburg District Court from the shipyard’s management. Production at the shipyard has been halted and the wages and salaries of the approximately 650 employees are now being covered by insolvency money.
Martin Hammer, a restructuring expert and founder of the consultancy enomyc, is the new managing director while two lawyers with specialist restructuring expertise from Hamburg law firm BRL will lend support as general authorised representatives. Dr Christoph Morgen, a partner in national law firm Brinkmann & Partner, has been appointed provisional trustee.
FSG is an accomplished builder of RoRo vessels and the insolvency team are now working on a restructuring framework to enable the yard to resume activities “in early summer”, notably construction of a RoPax ferry currently being built for Brittany Ferries.
Stefan Denkhaus, one of the two BRL lawyers specialising in restructuring, explained: “The goal of the procedure is to create a solid financial footing for the shipbuilding operations. This is desired by both creditors and customers.”
Lars Windhorst, who founded Tennor Holding, owner of the shipyard commented: “We continue to honour our engagement with FSG. The self-administration will now work out a viable concept for the future together with Tennor. We are also in close and constructive contact with the former shareholder Siem.”