German shipyards' fate in balance amid financial turmoil
Two German shipyards, acquired by the Tennor Group led by Lars Windhorst, are facing bankruptcy. Despite promises of reorganisation, employees have not received their wages for weeks. The Premier of Schleswig-Holstein is calling for a change of ownership.
The owner of the shipyards in Flensburg and Rendsburg is the Tennor Group, led by Lars Windhorst. The acquisition of the facilities took place in 2020 and 2021. As reported by "Deutsche Welle," Windhorst, despite the bankruptcy proceedings, plans to reorganise and save the shipyards. However, he faces criminal charges, including delaying the initiation of bankruptcy proceedings.
About 500 shipyard employees have been waiting for their pay for weeks, with delays becoming a pattern in recent months. The Premier of Schleswig-Holstein, Daniel Günther, accused Windhorst of not keeping his promises. Together with the Minister of Economy, Claus Ruhe Madsen, he called on the owner to step down to allow the shipyards to be rescued.
Lack of cooperation and withdrawn financing
In the summer, the German Ministry of Economy withdrew funding for the LNG storage ship construction project, citing a lack of cooperation from Windhorst.
In October, the court in Würzburg declared the temporary insolvency of the subsidiary FSG-Nobiskrug Holding. The future of the company Wima, which produces yacht interior elements, also remains uncertain.
