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MV Werften: Ailing group announces bankruptcy petition

2022-01-10T11:51:22.345Z


The state, federal government and owners had been negotiating for days to save the ailing MV Werfen - apparently in vain: the group still wants to file for bankruptcy today. What happens to the employees is open.


Enlarge image

MV Werften in Wismar: "Without Covid-19 we would not have asked the government for a euro

"

Photo:

Jens Büttner / dpa

According to its own information, the MV Werften Group will file for bankruptcy this Monday.

A shipyard spokesman told the German press agency that the employees were informed about this step on Monday.

According to the NDR, this was done in an internal communication.

The federal government and the state of Mecklenburg-Western Pomerania had been wrestling with the Asian owner Genting for days to rescue the MV shipyards with more than 1900 jobs.

The federal government was apparently ready to provide further help, but so far did not want to abandon its demand for a contribution from the owner.

A clear commitment by the owners to their shipyard is missing, it was said recently in Berlin.

MV Werften thus drew the consequences of the ongoing financial crisis, which has put the company in trouble since the beginning of the corona pandemic.

How things will go on with the last 1900 employees is an open question.

MV Werften did not succeed in securing the financing of the 75 percent finished and around 1.5 billion euro expensive new build of the cruise ship "Global Dream".

It is considered to be one of the largest cruise ships ever built and was intended exclusively for the Asian market.

The federal government had repeatedly promised to provide around 600 million euros from the Economic Stabilization Fund (WSF).

The ship should be used as security for this.

The owners' own contribution was a contribution of 60 million euros plus guarantees for the federal funds in question.

Genting spokesman: Federal requirements too great

The President of Genting Hong Kong, Colin Au, had recently said that he had submitted four offers to the federal government for further funding.

However, these have all been rejected.

Last December, the payment of the amount due when an intermediate construction stage was reached, the so-called milestone F, was blocked.

Genting could no longer make any further compromises.

"We have worked our way through the federal requirements," said MV Werften managing director Carsten Haake last Sunday.

Colin Au had pointed out that Genting had invested more than two billion euros in the MV locations out of pocket since the takeover and that the number of employees had doubled.

"Without Covid-19, we would never have asked the government for a euro."

dpa / sol

Source: spiegel

All business articles on 2022-01-10

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