MV Werften Bankruptcy Administrator Focuses on Completing Global Dream
“I would like to complete the construction of the Global One cruise ship together with the employees of MV Werften and the suppliers from Wismar,” said administrator, Christoph Morgen, partner at the Hamburg-based law firm. Brinkmann & Partner. “To this end, I will immediately enter into talks with all those concerned in order to define the conditions 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 Werften, which would impact many suppliers in the maritime industry. The group has shipyards in Stralsund, Rostock and Wismar as well as a cabin prefabrication plant in Stralsund.
Various politicians, including Mecklenburg-Vorpommern Economics Minister Reinhard Meyer, have suggested that the shipyard group may have a future in building components for offshore wind farms.
During his visit to Stralsund on Thursday, Morgen also said unpaid wages for December would be paid by Monday.
Next court decision
Meanwhile, the Schwerin District Court is expected to issue a decision on Monday regarding a frozen €78 million guarantee payment from Mecklenburg-Vorpommern to Genting HK. Genting went to court, claiming he had met the prerequisites for the grant and warned he may not be able to meet his financial obligations without the funds.
Stocks plunge more than 50%
Shares of Genting HK plunged more than 50% when the stock resumed trading in Hong Kong on Thursday after a four-day hiatus.
If the court were to rule in favor of Genting, it could trigger a political earthquake in Mecklenburg-Vorpommern as the state’s refusal to pay the 78 million euros led to MV Werften filing for bankruptcy.
Germans have differing opinions on Genting
Opinions in Germany on Genting’s involvement in MV Werften vary. While Carsten Schneider, representing the Federal Government as Commissioner for the Eastern Federal States (ex-GDR), yesterday sharply criticized Genting and called his behavior – going to court – irresponsible, an influential trade union official from IG Metall said that for more than 20 years it has not seen an investor in East Germany who behaved as agreed and in such an exemplary manner as Genting.
Genting HK has invested around 2 billion euros in MV Werften since its takeover in 2016.