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Image: Nobiskrug

Nobiskrug buyer sought before the end of June

30 April 2021By Nic Robinson

Nobiskrug’s law firm Reimer which represents the insolvent shipyard, famed for building the 142.81 metre Sailing Yacht A, has assigned PwC to find a buyer for the business.

The move sees Nobiskrug’s situation enter a new phase, said Hendrik Gittermann of the Hamburg law firm, the provisional insolvency administrator for the shipyard.

“My goal is to find an investor by the end of June to continue to build ships in Rendsburg with the existing workforce,” said Gittermann, who added several potential German investors had already expressed an interest.

Nobiskrug filed for insolvency earlier this month after struggling to overcome critical developments in yacht building, exacerbated by financial difficulties during the coronavirus pandemic.

In German law insolvency is complex but does not mean administration as it does in other countries and often companies can continue trading while a buyer is sought.

As such, PwC partner Timo Klees, who specialises in crisis and insolvency cases, is identifying potential investors globally, with more than 100 of them set to receive detailed information about Nobiskrug in the coming days.

“We are confident that Nobiskrug will be particularly interesting for other shipbuilders and players from the maritime industry to be able to use the location and know-how of its employees in the future,” said Klees.

Included in the sale will be the shipyard’s facilities, operating properties, customer data and all trademark rights, added Klees.

By the middle of May Klees said he expected submissions of indicative offers to be received from interested parties, which will then be negotiated and examined by the start of June.

If all goes to plan, it is hoped sales negotiations will be completed at the end of June and from July onwards the refurbishment and transfer of the shipyard will take place.

Gittermann said: “According to market information, there is great interest in some shipbuilding companies to eliminate capacity bottlenecks through a purchase.

“Since the reasons for insolvency are less structural, but rather project cancellations and project delays, Nobiskrug is a highly attractive company with an extremely qualified workforce and a resilient network of high-quality subcontractors.”

He continued: “We have set ourselves an extremely ambitious timetable here, but we owe it to the workforce and creditors to find a solution as quickly as possible.”

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