Insolvency administrators discuss rescue plan for German shipyard group

The provisional insolvency administrators designated for German shipbuilding group FSG-Nobiskrug recently disclosed the rescue plan for the group's two main shipbuilding divisions.

The terms of the provisional agreement stipulate that FSG and Nobiskrug will be sold independently. Christoph Morgen, one of the two assigned provisional insolvency administrators, confirmed that the present arrangement is the most ideal to ensure work will resume at the affected facilities.

Under the terms of the agreement, Bremerhaven-based family owned shipbuilder and steel manufacturer the Heinrich Rönner Group will acquire FSG, while Nobiskrug will be acquired by Bremen-based luxury yacht builder the Lürssen Group.

The insolvency proceedings against FSG-Nobiskrug Holding, Flensburger Schiffbau-Gesellschaft, Nobiskrug Yachts, and FSG Nobiskrug Design formally began at the Flensburg and Neumünster district courts on Saturday, February 1.

Financial instability and alleged mismanagement have been cited as factors in the FSG-Nobiskrug Group's filing for insolvency.

Lars Windhorst, owner of FSG-Nobiskrug parent company the Tennor Group, has vowed to contest the insolvency proceedings despite calls for him to resign from employees, local unions, and even politicians.