FSG-Nobiskrug runs out of funds
At the press conference at Flensburger Schiffbau-Gesellschaft FSG (from left): Marcus Stöcken, Workers Council Nobiskrug, Jan Brandt, Workers Council Flensburger Schiffbau-Gesellschaft, Claus Ruhe Madsen, Minister for Economics of the state government of Schleswig-Holstein, Michael Schmidt, the German metalworkers' union IG Metall Flensburg, Dr. Martin Bitter, IG Metall Rendsburg, and the preliminary insolvency administrators Hendrik Gittermann and Dr. Christoph Morgen (Source: Marianne Lins)
Insolvency proceedings have begun at Germany’s FSG-Nobiskrug shipyard group with four companies affected by the development. They are the Schleswig-Holstein shipyard group FSG-Nobiskrug Holding GmbH; Flensburger Schiffbau-Gesellschaft mbH; Nobiskrug Yachts GmbH, and FSG Nobiskrug Design GmbH with its shipyard sites in Flensburg and Rendsburg.
Christoph Morgen of law firm Brinkmann & Partner, and Henrik Gittermann from the Reimer legal practice have been appointed as provisional insolvency administrators. Insolvency prefinancing has been arranged to cover wage and salary payments for employees up to and including January 2025, as well as outstanding wages and salaries for November.
The group has close to 500 employees. About 340 people are employed on the Flensburg site and a further 140 in Rendsburg.
The administrators are now in discussions with shipyard clients who have shipbuilding projects under way at the two sites. These include a RoRo ferry in FSG and a superyacht in Nobiskrug. The lawyers will then discuss possible financing options to enable completion of the vessels with possible federal and state government support. They will also examine options for restructuring the shipyards.
The Flensburg shipbuilding company has constructed more than 750 ships over its 152-year life. Nobiskrug has built ships for more than 120 years and has focused on luxury superyachts since 2000. Well-known superyachts built there include the Sailing Yacht A and the award-winning hybrid superyacht, Artefact.
