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Shipyard “MV Werften”: court appoints preliminary insolvency administrator

• District court in Schwerin, Germany, appoints Dr Christoph Morgen as provisional insolvency administrator of MV Werften Group
• The overdue wages and salaries will be paid out as soon as possible by means of insolvency money advance-financing
• The provisional insolvency administrator is obtaining an overview of the situation at each location and will initiate talks on the further course of action with all parties affected
• The provisional insolvency administrator plans to continue building cruise ship GLOBAL DREAM in Wismar

After the district court Schwerin ordered the preliminary insolvency proceedings today, Wednesday, 12 January, the court-appointed preliminary insolvency administrator Dr Christoph Morgen from the law firm Brinkmann & Partner is now working at full speed to pay the wages and salaries of the approximately 2,000 employees of the companies belonging to the group: MV Werften Rostock, MV Werften Stralsund, MV Werften Wismar and MV Werften Fertigmodule in Wismar.

"The MV Werften Group has not paid out the December salaries. It is now all the more urgent for the employees to be paid quickly for the work they have done. They need their money promptly. My team and I have already gotten the advance financing of insolvency money under way," reports Dr Christoph Morgen. “The implementation will still take a few days.”

As a first step, the preliminary insolvency administrator is now obtaining an overview of the economic and financial situation of the MV Werften Group. At the same time, the state and federal governments, works councils, trade union IG Metall as well as Genting as the customer for cruise ships will have to be brought to the table. "Within this preliminary procedure, it is important to continue the investor talks already started for sites without orders and to further develop existing ideas for solutions in order to sound out future prospects for them. Together with the employees and suppliers in Wismar, my plan is to complete the construction of the cruise ship GLOBAL DREAM. To this end, I will immediately begin talks with everyone involved in order to work out the conditions for the completion of the ship. At the same time, I believe it is important to jointly explore ideas for solutions for MV Werften and thus also for the many suppliers from the maritime industry which is so important for the region of Mecklenburg-Vorpommern," says Dr Morgen. Based on this, he and his team are planning to define the necessary further measures. He will keep the staff and the media informed about the most important interim steps.

Dr Christoph Morgen is a lawyer, specialist in insolvency law, and tax advisor. He is a partner in the Germany-wide law firm Brinkmann & Partner with extensive experience in handling large corporate insolvencies and in restructuring companies from the maritime and renewable energy industries. Among other things, the restructuring expert was administrator of the shipyard Flensburger Schiffbau-Gesellschaft FSG, administrator of wind turbine manufacturer Senvion, insolvency administrator of the heavy-lift shipping company Hansa Heavy Lift and Chief Insolvency Officer of the shipping group Rickmers Holding AG.

Brinkmann & Partner is one of the leading German insolvency administrator law firms. A particular focus lies in the handling of shipyard insolvencies. Among others, the Brinkmann & Partner administrators were appointed for Husumer Schiffbaugesellschaft, Sietas Werft, Norderwerft, SME Werft, Wadan Werften, P+S Werften, and Elsflether Werft – hence the provisional insolvency administrator has a large team experienced in shipyard insolvencies at his side.

Jan 12 2022

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