The search for an investor for the insolvent superyacht builder Nobiskrug in Rendsburg, Germany, has entered a new phase. The preliminary insolvency administrator of the shipyard, Hendrik Gittermann of the Hamburg-based law firm Reimer, has commissioned the international consulting firm PwC with the sale of the company.

‘My goal is to find an investor by the end of June, who will pursue the business of the shipyard and continue building ships with the existing workforce in Rendsburg,’ Gittermann says. In the past two weeks, several potential investors from Germany and abroad have already expressed their interest, the restructuring expert added.

PwC partner Timo Klees, specialised in crisis and insolvency matters, together with his team, is currently identifying potential investors worldwide. Many of these will receive a detailed information package in the coming days, together with an invitation to submit an offer. ‘We are confident that Nobiskrug will be of particular interest to other shipbuilders and players in the maritime industry, who will be able to use the site and the expertise of the workforce,’ says Klees.

The entire shipyard, including the facilities and operating site, are up for sale. ‘According to market information, there is great interest among some shipbuilding companies in eliminating capacity bottlenecks through an additional purchase,’ says Gittermann.

In April 2021 Nobiskrug had to initiate preliminary insolvency as a result of fewer new projects and delays in acquired/ongoing projects.

Further procedure

By mid-May indicative bids by interested parties have to be submitted. In early June, negotiations will start with selected bidders, which is to be concluded at the end of the month. From 1 July, restructuring of the shipyard will start through transfer to the purchaser.

‘We have set ourselves an extremely ambitious timetable,’ Gittermann says. ‘But we owe it to the workforce and the creditors to find a solution as quickly as possible.’

Picture by Christian Rohwedder/AMT Gesellschaft für Unternehmenskommunikation mbH.