UPDATE, DECEMBER 23, 2024: Financing for Nobiskrug shipyard and its parent company is in place until January 31, 2025. This is according to the insolvency administrators, who held a press conference today. Already, they add, significant interest exists for acquiring the shipyard. “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,” says Hendrik Gittermann, one of the administrators. “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 administrators are striving to hand over the yard by February 1, 2025. Read on for the original article.
Nobiskrug shipyard, responsible for constructing a few iconic megayachts, is in insolvency proceedings in Germany. Both it and its parent company filed for the financial protection this week, with court-appointed administrators assigned this morning. The administrators are now focused on reorganization efforts, including establishing a new ownership agreement in the coming weeks.
Nobiskrug belongs to the FSG-Nobiskrug group, with FSG being a fellow German shipyard constructing ferries, offshore vessels, and naval ships. FSG acquired Nobiskrug in July 2021, following the yacht builder seeking bankruptcy protection three months prior. Nobiskrug had cited the global pandemic and order cancellations as factors.
According to a statement from the insolvency administrators, nearly 500 employees are impacted across the group. Approximately 140 of them work at the Nobiskrug shipyard in Rendsburg. The administrators indicate that they have secured financing to cover back wages and upcoming salaries through next month. During a televised press conference today, one of the administrators, Christoph Morgen of the law firm Brinkmann & Partner, said that he and fellow administrator Hendrik Gittermann of the Reimer law firm discovered that social security contributions further were unpaid. The electricity was at risk of being shut off, too. All of this was “a bit shocking,” Morgen says.
Morgen added that he and Gittermann simultaneously are trying to obtain financing to cover the utilities and other basic expenses. Gittermann explained that it is important “that we think about the future and that we quickly find someone who can continue to run the companies here.” In fact, he continued, “Work has already begun on that. Our phones have not stopped ringing.” The best-case scenario, he says, is having a solution by the end of January. “It absolutely has to work,” he notes. “We will be working hard on that over the next few weeks.”
In the meantime, Morgen and Gittermann say they will be contacting clients with projects in build at both Nobiskrug shipyard and FSG. Although they cite a superyacht being among the projects, they did not go into details. However, based on previously available information, the 262-foot (80-meter) Project Bullseye, a.k.a. Nobiskrug 798, was under construction for delivery next year. Furthermore, Morten and Gittermann say they will speak with local and federal government officials about interim financing to keep construction going if needed. This funding would occur while awaiting the clients’ acceptance and payment. Finally, the administrators plan to develop additional options for restructuring.
We contacted Nobiskrug for comment but did not receive a response.
The Nobiskrug shipyard has been building superyachts since 2000. Some of its most famous deliveries include the 468-foot (142.81-meter) Sailing Yacht A and the 262-foot (80-meter) Artefact.
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