The Chinese owner of the insolvent Baltic Sea shipyard group MV Werften, Genting Hong Kong, is at least partially bankrupt itself. The company is preparing legal steps for a possible settlement, said Genting. On Monday, the district court in Schwerin rejected Genting’s urgent application for immediate payment of a loan from the state of Mecklenburg-Western Pomerania to MV Werften. Genting is now in an “immediate and significant” financial emergency, the cruise company said.
The MV shipyards with around 2000 employees filed for bankruptcy at the beginning of January after negotiations between Genting and the federal government and the state of Mecklenburg-Western Pomerania failed to find a solution for the further financing of the shipyards. Genting sees the blame for the insolvency in politics, the federal government, on the other hand, sees the group as responsible. Genting had already admitted a few days ago that it would no longer be able to service loans in Germany of over 2.8 billion dollars because of the bankruptcy of the shipyards. The Malaysian billionaire Lim Kok Thay is behind the branched group. Genting Hong Kong had already undergone restructuring in the summer of 2020 in view of the business that was almost idle in the Corona crisis.