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

“My goal is to find an investor by the end of June who will continue Nobiskrug in order to proceed building ships in Rendsburg with the existing workforce,” says Gittermann, adding that in the past two weeks since Nobiskrug’s insolvency announcement, several potential investors from Germany and abroad have already expressed interest.

PwC partner Timo Klees, who specialises in crisis and insolvency situations, is currently identifying potential investors worldwide with his team. 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 in the future,” comments Klees.

The entire shipyard, including the facilities and operating land, customer data and all brand rights are up for sale.

“According to market information, there is great interest among some shipbuilding companies in eliminating bottlenecks through an additional purchase,” continues Gittermann.

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

“Nobiskrug, with an extremely qualified workforce and a resilient network of top-quality subcontractors, is a highly attractive company,” explains Gittermann. “We have set ourselves an extremely ambitious timetable here. But we owe it to the workforce and the creditors to find a solution as quickly as possible. I therefore expressly invite other prospective buyers to contact our M&A advisor and PwC partner Timo Klees.”

With a number of the world’s most renowned superyachts having been built at Nobiskrug, and for the sake of the workforce, let us hope that Gittermann’s ambitious plan proves to be successful.

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