The renowned German shipyard Nobiskrug has officially entered insolvency proceedings, with courts in Flensburg and Neumünster initiating the process. This impacts four companies under the FSG-Nobiskrug Corporation, including Nobiskrug Yachts and Nobiskrug Design, which operate across Flensburg and Rendsburg.
Key Developments
- Legal Administration: Lawyers Hendrik Gittermann and Christoph Morgan have been appointed as administrators. Their teams are currently evaluating the financial health of the two affected shipyards.
- Employee Salaries Secured: Short-term pre-financing for insolvency has been arranged to ensure salaries for 500 employees—340 in Flensburg and 140 in Rendsburg—until January 2025. This initiative also addresses outstanding November wages.
Nobiskrug’s Legacy and Flagship Vessels
- Sailing Yacht A: A flagship vessel of Nobiskrug, Sailing Yacht A stands out at 142.8 meters in length, showcasing the shipyard’s craftsmanship and engineering excellence.
- Artefact: Delivered in 2020, the Artefact claimed the prestigious title of Motor Yacht of the Year at the World Superyacht Awards.
Ownership and Restructuring Efforts
Nobiskrug is owned by Lars Windhorst’s Tennor Group, which acquired the shipyard in 2021 following a previous insolvency case.
This current development comes on the heels of Nobiskrug’s June 2024 announcement appointing new management and securing start-up capital to stabilize operations. The shipyard has long faced challenges due to funding shortages, hindering its day-to-day performance.
Future Outlook and Industry Impact
The restructuring aims to revitalize Nobiskrug’s position in the luxury yacht-building industry, preserving its reputation for producing iconic vessels while ensuring job security for its workforce. The ongoing financial evaluation will determine the shipyard’s next steps toward recovery.