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FSG TO RISE AGAIN FROM ASHES OF INSOLVENCY

Monday, August 3, 2020 

Tennor Holding, owner of German yard Flensburger Schiffbau-Gesellschaft (FSG) says that several other businesses belonging to the company are taking on 350 FSG employees and various FSG shipyard assets, under a transferred reorganisation in line with German insolvency law.

Tennor Holding founder Lars Windhorst says Tennor will be contracting two ro-ro ships, which honours his promise to stand by FSG, following its application for insolvency. Windhorst said: “In these difficult times, when there is a lot of upheaval, it is important for me to stand by the FSG and its employees. Unfortunately, it is not possible to retain all jobs at the FSG. But I fundamentally believe in the future of the company, and that is why I am backing the company again, along with Tennor. A difficult restructuring process lies ahead of us. If all those involved stand together, we will get through it.”

FSG MD Martin Hammer said: “On the one hand, we are disheartened that 300 colleagues will have to move into a transfer company on 1 August. However, we are also pleased that 350 colleagues can continue working at the shipyard. We are looking towards the future and will do everything to ensure that the process of building the two ro-ro ships commissioned by Tennor is successful and to win further bids for the shipyard. The signs from the industry are positive, because the shipping companies are aware of the high quality of our ships. We can also envisage completing projects with Pella Sietas in the future.”

Dr Christoph Morgen, a specialist in insolvency law, has been appointed provisional trustee by the Flensburg district court, where insolvency proceedings are being dealt with.

Thomas Jansen, Chairman of the FSG Works Council, said: “Colleagues at the FSG have proven that they will continue to stand by their shipyard during difficult times. We have designed, planned and built fantastic ships. And we will demonstrate these capabilities again in the future. Thanks to the two ships commissioned by Mr Windhorst, this comparatively small shipyard can continue operating in the short term. We need additional contracts and to find work quickly for our staff. To this end, I am asking Mr Siem if the ship currently at our pier, newbuilding 774, can be completed in Flensburg. Then additional colleagues from the vital transfer company can be re-employed by FSG.”

Yard No 774 is an LNG-fuelled ro-pax, ordered by Brittany Ferries to be operate on the English Channel under the name Honfleur. Brittany Ferries and its local government partners terminated the contract in June 2020, after several delays to the agreed delivery date.

Schleswig-Holstein’s Minister for Economic Affairs, Dr Bernd Buchholz said: “The FSG is one of the biggest industrial employers in northern Schleswig-Holstein and as such is very important to the state. The renewed acquisition of the FSG by Lars Windhorst, coupled with his commissions, would give the FSG time to adjust its strategy. Of course, it is a tough blow for those employees whose jobs could not be saved. In light of this it is all the more important that an adequately resourced transfer company is established. The retention of all the trainees at the shipyard is also an important sign.”

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