A search is underway for investors for the FSG-Nobiskrug shipyard sites following the news that financing has been secured until 31 January 2025.
The announcement follows the news that the shipyards had entered insolvency administration in December 2024
The financing for the Flensburger Schiffbau-Gesellschaft (FSG) and Nobiskrug shipyards in Rendsburg and Flensburg is via the insolvency substitute benefits and a loan secured by the guarantee bank of the state of Schleswig-Holstein.
A search for new investors is now underway with several visits from potential investors having already taken place.
“We have already held initial talks with potential investors. Their positive investment decision is dependent on the future capacity utilisation of the sites,” explained Dr Christoph Morgen of Brinkmann & Partner law firm, provisional insolvency administrator of FSG-Nobiskrug Holding GmbH and Flensburger Schiffbau-Gesellschaft GmbH.
“In addition to orders for superyachts and the completion of the RoRo ferry in Flensburg, the prospect of future orders for the navy and the offshore wind industry are of particular importance.”
I was particularly pleasantly surprised by the many enquiries from abroad.
Hendrik Gittermann
Hendrik Gittermann of REIMER law firm, provisional insolvency administrator of Nobiskrug Yachts GmbH and FSG Nobiskrug Design GmbH, said there is already a great interest in the Rendsburg site, particularly for the construction of superyachts.
“This high level of demand in the early phase of the search for investors makes me confident that we will find a viable solution despite the extremely tight schedule,” he said.
“I was particularly pleasantly surprised by the many enquiries from abroad. They show that the quality of the superyachts built by Nobiskrug continues to enjoy an excellent reputation worldwide.”
The aim of the investor process is to hand over the locations by 1 February 2025, for which the provisional insolvency administrators have brought the M&A consulting firm PwC on board.
Both shipyards are owned by investor Lars Windhorst.
Around 500 employees are affected by the proceedings.
The Flensburg shipbuilding company has built more than 750 ships since it was founded in 1872.
The Nobiskrug shipyard has been building ships for more than 120 years and has been a leader in the construction of luxury superyachts since 2000.
The most famous projects include its ‘Sailing Yacht A’ and the environmentally friendly hybrid superyacht ‘Artefact’.
