“I would like to finish building the cruise ship Global One together with the employees of the MV Werften and the suppliers in Wismar,” says insolvency administrator Christoph Morgen, partner of the Hamburg law firm Brinkmann & Partners. ‘I will immediately start talks with everyone involved in order to work out the prerequisites for the completion of the ship.’
Ideas for a long-term future
Morgen also said it was important to jointly explore ideas for the long-term future of MV shipyards that would impact numerous suppliers to the maritime industry. The group has shipyards in Stralsund, Rostock and Wismar and a cabin prefabrication plant in Stralsund.
Various politicians, including Mecklenburg-Western Pomerania’s Economics Minister Reinhard Meyer, have suggested a future for the shipyard group in the construction of components for offshore wind farms.
Morgen also said during his visit to Stralsund on Thursday that the outstanding wages for December will be paid out on Monday at the latest.
Upcoming court decision
Meanwhile, the Schwerin district court is expected to rule on Monday on a stalled €78 million backstop payment from Mecklenburg-Western Pomerania to Genting HK. Genting went to court, claiming to have met the requirements for the subsidy, and issued a warning Without the funds, it may not be able to meet its financial obligations.
Stocks plummet more than 50%
Genting HK shares plunged more than 50% as the stock resumed trading in Hong Kong on Thursday after a four-day hiatus.
Should the court decide in favor of Genting, it could trigger a political earthquake in Mecklenburg-Western Pomerania, because the state’s refusal to pay out the 78 million euros led to MV Werften filing for bankruptcy.
The Germans have conflicting views of Genting
Opinions in Germany about Genting’s commitment to MV shipyards differ. While Carsten Schneider, representative of the federal government as representative for the eastern federal states (former GDR), yesterday sharply criticized Genting and described his behavior – going to court – as irresponsible, an influential IG Metall official said that for over 20 years, he I have never seen an investor in East Germany who behaved as agreed and as exemplary as Genting.
Genting HK has invested an estimated €2 billion in MV Werften since its acquisition in 2016.
