shipbuilding
MV-Werften: Insolvency administrator optimistic after bidding round
The MV Werften Group filed for bankruptcy in early 2022. Photo: Bernd Wüstneck/dpa-Zentralbild/dpa
© dpa-infocom GmbH
In January, the MV shipyard group filed for bankruptcy. After the first round of bids, the insolvency administrator now speaks of several interested parties. A decision should be made soon.
The insolvency administrator of the MV shipyards is confident of finding suitable buyers for the company’s two remaining locations.
He is aiming for a decision by the end of May 2022, said insolvency administrator Christoph Morgen on Monday in Hamburg. The first soft deadline for submitting expressions of interest expired last Friday.
In the next few weeks, they want to approach interested parties and discuss how much internal discussion there is before the bidders can submit binding offers for the subsequent use of the locations in Wismar and Rostock as well as the financing. You don’t want to put yourself under any pressure from unnecessary deadlines, says Morgen.
Probably several interested parties for both locations
As the insolvency administrator explained, there are several interested parties for both locations who are active in the shipbuilding and offshore wind power sectors as well as in the real estate leasing business. According to reports, the Kiel submarine shipyard Thyssenkrupp Marine Systems (TKMS) had shown interest in Wismar, but this was not confirmed.
Morgen also sees the possibility of completing the cruise ship “Global One”, which is 75 percent complete, should a buyer be found.
In Stralsund, meanwhile, things are already one step further: the 43-hectare former MV shipyard site there was taken over by the city in March for 16.5 million euros, which intends to set up a maritime industrial park there.
The MV shipyard group filed for bankruptcy in January. The reason was the corona-related collapse of the global cruise business. As a result, the Chinese parent company Genting Hong Kong became insolvent and was no longer able to reach an agreement with the state and federal government on the issue of further loans. Genting also went the way of creditor protection. The insolvency proceedings of MV Werften were formally opened at the beginning of March.