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Windhorst shipyards filed for insolvency

The shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) and the superyacht shipyard Nobiskrug Rendsburg have officially filed for insolvency on Dec 12, 2024, deepening the ongoing crisis for their parent company, Tennor Group, and its owner, Lars Windhorst. District courts in Flensburg and Neumünster have appointed the lawyers Christoph Morgen, Partner, Brinkmann & Partner and Hendrik Gittermann, Partner, REIMER as provisional insolvency administrators. The insolvency filings, submitted to the district courts in Flensburg and Neumünster, follow months of financial instability and reported mismanagement. The bleak reality of the situation became evident on Dec 9, when the SH public utility company threatened to cut off the power supply at the Rendsburg facility due to a lack of payments since Dec 1. No immediate action was taken because the federal police ship 'Neustadt' was still in the drydock for repairs. Workers at both firms are bearing the brunt of the crisis. The shipyards’ financial woes have left around 500 employees in limbo before Christmas, many of whom have already been laid off. At a recent rally in Flensberg, workers' union representatives alleged repeated delays in salary payments, including November wages and Christmas bonuses. Local sources report that Flensburg Works Council chairman Jan Brandt accused Windhorst of lying repeatedly and breaking promises of timely payments. Windhorst has become a target of criticism. He has been accused of mismanagement, poor communication and unfulfilled promises. In recent months, workers, unions and politicians have all demanded his resignation. Schleswig-Holstein’s Economics Minister, Claus Ruhe Madsen, called for Windhorst to face up to his responsibility and sell the shipyards or insolvency would clear the way for new investors. The Tennor Group took over the FSG in 2019, relaunching it as “FSG 2.0” without old debts or new orders. Despite repeated announcements of future projects, they failed to materialise, leaving the shipyard vulnerable. In 2021, FSG acquired the Rendsburg-based yard Nobiskrug as it filed for insolvency, but the acquisition has done little to alleviate the financial strain. In the summer 2024, the situation worsened as the German federal government withdrew a €62 million grant intended for the construction of liquefied gas bunker ships at FSG, citing Tennor’s inability to demonstrate sufficient equity capital. Now, the provisional insolvency administrators are working with the project managers of the RoRo ferry at FSG and the yacht Nobiskrug to resolve both projects. If necessary, the administrators plan to consult with federal and state governments about potential interim financing to bridge construction costs until client acceptance and payment. Meanwhile, they will explore further restructuring strategies for both shipyards. Insolvency pre-financing has also been arranged to secure financial recompense for the 340 workers at the Flensburg site and the 140 employees from the Rendsburg facility. This measure will cover payments through the end of Jan 2025, including the overdue November salaries.

Self administered insolvency filed by Flensburg yard

The Flensburger Schiffbau-Gesellschaft shipyard a which had been operating at a loss for some time, filed for self-administered insolvency on April 24. The goal of the shipyard’s filing was to permit it to start afresh. The future of Flensburger Schiffbau-Gesellschaft in the medium term was in building Ro-Ro ferries, according to the message delivered by the management at a workers meeting on Sunday April 26. The move is specifically designed to allow the company to start from fresh without existing contractual obligations to customers and suppliers. Though an administrator will be brought in from outside the company, the company management will continue to control the business which is a different process to bankruptcy in German law. Investor Lars Windhorst is prepared to put money into the business through his Tennor Holding investment vehicle. Tennor Holding took 100% control of the yard in 2019. He has said, however, that the money should not be used on loss making contracts. The former majority owner Siem Industries is interested in contracting 4 further Ro-Ro ferries from the yard. Siem recently took delivery of LIEKUT, the eighth of a series of vessels built by FSG for the company to charter out. FSG had been making significant losses for a number of years. The Siem group acquired the company for a token €1 back in November 2014 after severe liquidity problems. Those losses massively increased in recent years, however, with the yard losing an eye watering €111m in 2018. The hugely increased losses were due in part to delivery delays with Irish Ferries 'W.B. Yeats' and the subsequent penalty payments made to Irish Continental Group (ICG). The agreed contract price to build the 'W.B. Yeats' is understood to have left little to no margin for the yard in the first place.

Irish Ferries postpones W.B Yeats' debut until September 2018

Irish Continental Group (ICG) is now set to debut Irish Ferries’ new €150 million (US$184 million) cruise ferry W.B. Yeats in September 2018, rather than July 2018, following delays at Flensburger Schiffbau-Gesellschaft (FSG) in Germany. FSG began construction with a steel-cutting ceremony in April 2017, laid the keel in September 2017 and then floated the 1,855-passenger ferry out of her building dock on 19 January 2018, the same day as her christening ceremony . Originally, W. B. Yeats was set to join the fleet in July, but there has been a delay in the delivery of the interior components for the public areas and in the electrical system installation in the hull and deckhouse. To speed up the process, FSG has made additional funds available to pay the second-level suppliers of the interior components directly.