Wismar The loser has been determined for insolvency administrator Christoph Morgen. Genting will lose a lot of money with the insolvency of MV Werften, he said on Thursday in Wismar. The shipbuilder had to file for bankruptcy on Monday because the parent company from Asia could not or did not want to inject any more money. Since then, the future of the group with its almost 2000 employees and locations in Wismar, Stralsund and Rostock has been uncertain.
Morgen tried to spread confidence during the visit to the shipyard in Wismar. His law firm Brinkmann & Partner has been appointed preliminary insolvency administrator by the court. At a works meeting, he promised the employees to pay the outstanding salaries for December. Payments are also secured for January and February via the state insolvency money.
But what will follow the opening of the regular bankruptcy proceedings on March 1st is uncertain. As Morgen said, MV Werften will probably not be preserved as a whole.
With the insolvency of MV Werften, the bankruptcy wave that has hit the industry again and again since the financial crisis in 2008 continues. The industry has had to adapt under pressure from Asian manufacturers. After saying goodbye to the construction of container ships, which the Chinese and Koreans can build much cheaper, the German shipyards have specialized in the manufacture of special ships.
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Since then, icebreakers, special tankers, mega yachts and naval ships have been launched on the coast. The undisputed pacesetters are the Bremen-based Lürssen-Werft (yachts, marine) and the Meyer-Werft from Lower Saxony, which produces cruise ships.
German companies are particularly successful in this niche. Cruise ships are mostly custom-made. The rivals from the Far East have not mastered the necessary skills, for example in wood processing and air conditioning. For this reason, the Genting Group took over MV Werften. The aim was to build cruise ships for personal use and also for third parties.
“I want to finish building the ship”
Behind the travel and gambling conglomerate Genting is the Malaysian billionaire Lim Lok Thay, who listed his company on the Hong Kong Stock Exchange. The first project is the Global Dream, which is manufactured at MV Werften. As one of the world’s largest cruise ships, it will one day offer space for 9,500 passengers. At the moment, however, the ship is in the construction dock of the shipyard in Wismar.
The Global Dream Deck towers up to the ceiling of the hall. The paint was only applied to the hull a few weeks ago. Astronauts, butterflies and sea creatures dance on the white paint. It’s a brightly colored paint job designed to please Asian customers. In the gigantic hall it is eerily quiet this Thursday, the cranes and welding machines are silent. With the bankruptcy, the employees had to stop their work.
It should not stay that way, as insolvency administrator Morgen emphasizes. “I want to finish building the ship,” said the lawyer. The Global Dream is 75 percent ready. To finance the remaining work, an amount in excess of 500 million euros is necessary. The total construction volume is around one and a half billion euros.
The huge cruise ship lies half-finished in the production halls of the shipyard in Wismar.
(Photo: Reuters)
The state is now supposed to help, once more. The Prime Minister Manuela Schwesig (SPD), who also traveled to Wismar for the works meeting, promised her support. Discussions would be held with the representatives of the federal government. Time is running out; A solution must be in place by the opening of the regular bankruptcy proceedings on March 1st.
Owner refused guarantees
The mother country of Mecklenburg-Western Pomerania is disappointed that the shipyard group went bankrupt. She and her Minister of Economics, Reinhard Meyer (SPD), had negotiated with Genting representatives about financing to prevent bankruptcy.
The state and federal government had asked Genting to contribute 60 million euros for further financial support. However, the Asians only wanted to contribute 41 million euros. Even if Economics Minister Meyer emphasized that it was not the time to search for the guilty party, the question arises as to why MV Werften had to go into bankruptcy.
Since the takeover in March 2016, Genting has invested a three-digit million sum in the locations to make them fit for the construction of cruise ships. “That was a good owner,” said a shipyard employee on Thursday who did not want to read his name in the newspaper.
As the future owner, Genting seems to be failing; for bankruptcy trustees a breakup is likely tomorrow. There are considerations for the individual locations. The city of Stralsund, for example, wants to buy the shipyard and convert it into a business park. Rostock also wants to take over and rededicate the location.
But Genting is not out. According to MV Werften boss Carsten Haake, the former parent company promised acceptance of the Global Dream on Sunday. Jurist Morgen now wants to explore with Genting whether this is actually an option.
If this succeeds, the question remains what will become of Global Two. The sister ship of the Global Dream is at least partly on the shipyard premises. A three-digit million amount has already been invested.
More: Court appoints insolvency administrator for parts of MV Werften.