Nobiskrug shipyard confirms filing for insolvency and announces plans for restructuring

German shipyard Nobiskrug has confirmed that the Flensburg and Neumünster courts have initiated insolvency proceedings for four companies under the FSG-Nobiskrug corporation.

The companies affected include Nobiskrug Yachts and Nobiskrug Design, which have sites in Flensburg and Rendsburg. 

Lawyers Hendrik Gittermann and Christoph Morgan have been appointed as administrators, with their teams currently evaluating the financial situation of both shipyards. Insolvency pre-financing has been initiated which ensures the short-term wages and salaries of almost 500 employees – 340 in Flensburg and 140 in Rendsburg – up to and including January 2025. It will also cover the employees' outstanding November salaries.

The provisional insolvency administrators will now contact the clients for the two shipbuilding projects that have already begun at Nobiskrug.

"If necessary, Dr. Morgen and Mr. Gittermann then want to talk to the federal and state governments about possibilities for support with interim financing of construction costs until acceptance and payment by the clients," read an official statement. "At the same time, they will develop further options for restructuring the renowned shipyards."

FSG-Nobiskrug is owned by Lars Windhorst's Tennor Group, which acquired Nobiskrug in 2021 following an earlier insolvency claim.

According to BOATPro, Nobiskrug has three yachts in its order book: the 83-metre Project Orkan, the 80-metre Project Bullseye and the 77.1-metre Project Black Shark. The latter build was sold in 2018 but suffered delays in 2021 following the yard's initial insolvency.

The news follows the announcement in June 2024 that Nobiskrug had appointed new management with start-up capital to assist in day-to-day operations at the shipyard, which had stalled due to insufficient funds.