Court appoints preliminary insolvency administrator for Genting’s German shipyards

The Schwerin District Court in Germany has appointed a local law firm to assist in preliminary insolvency proceedings in relation to Genting Hong Kong’s shipbuilding business MV Werften.

Dr. Christoph Morgen from the law firm Brinkmann and Partner and his team are now working towards paying the salaries of around 2,000 employees of the companies belonging to the MV Werften Group.

Dr. Morgen said that the group has not yet paid the December 2021 salaries of the affected employees.

As part of the proceedings, the preliminary insolvency administrator will get an overview of the economic and financial situation of the MV Werften Group. At the same time, the state and federal governments, works councils, trade union IG Metall as well as Genting as the customer for cruise ships will be included in any future discussions.

Dr. Morgen added that among other things, he will immediately begin talks with those involved in the construction of the cruise ship Global Dream to guarantee its completion and delivery to Genting.

Originally slated for delivery in late 2021, the ship is now scheduled to be handed over to Genting by the end of this year.

The preliminary insolvency proceedings are being conducted after MV Werften filed for bankruptcy on Monday, January 10.