Court-appointed administrators in Germany have a formal proposal that will end Nobiskrug’s bankruptcy, which has been casting uncertainty over its employees, subcontractors, and clients for nearly two months. Lürssen has filed a takeover offer for Nobiskrug that will keep its site in Rendsberg fully operational.
Nobiskrug entered bankruptcy protection alongside a sister shipyard, FSG, last month. Prior to that, wages and other benefits had started going unpaid, according to the administrators. They additionally discovered that the electricity was at risk of being turned off. Their goal was to have a reorganization plan in place, including salaries for the approximately 140 workers at Nobiskrug’s yard, by the end of this month. Although they secured financing for that and other operational costs, it was guaranteed only through today.
Due to that situation, insolvency proceedings formally open tomorrow. However, the administrators say that they will accept the takeover offer for Nobiskrug the week after the proceedings begin. Similarly, they have a formal takeover offer for FSG, a commercial shipyard, from a separate company.
“We have managed to find two renowned strategic investors for FSG and Nobiskrug within the extremely tight time frame of just seven weeks,” Christoph Morgen, one of the administrators, says. Hendrik Gittermann, the other administrator, adds, “We are delighted that the takeover by Lürssen has created a long-term perspective for Rendsburg.” Besides pointing out that both are in the yachting business, he emphasizes that “the capacities and locations of the two shipyards complement each other almost perfectly.” In fact, Lürssen already has its Lürssen-Kröger site a short drive away along the same waterway.

Workers in Rendsburg and government officials all met with the administrators today to learn more about the proposal. Martin Bitter, the chairman of workers union IG Metall Rendsburg, welcomed the news. “With Lürssen, there is a buyer with the economic capacity and the necessary expertise to bring the shipyard back into calmer waters,” he says.
Despite the administrators planning to accept the takeover offer for Nobiskrug, construction won’t restart just yet. Formal safety inspections and authorizations need carrying out, for example. Similarly, full materials aren’t on hand for all divisions to begin work again. The administrators believe it will take a few months for these and other steps to complete. However, effective February 1, a transfer company will cover employees to ensure their qualifications remain up to date. Across both Nobiskrug and FSG, upwards of 95 percent of the employees have signed on to the transition.
The administrators previously have said they were in communication with clients with projects in build at Nobiskrug 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.
Lürssen lurssen.com
Nobiskrug nobiskrug.com
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