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Insolvency administrator goes to work at Genting’s German shipyards

Written by Nick Blenkey
Preliminary insolvency administrator

Dr. Christoph Morgen: “My team and I have already gotten the advance financing of insolvency money under way.”

There’s some good news for the approximately 2,000 employees at Genting Hong Kong’s German shipbuilding subsidiary MV Werften, which filed for insolvency January 10.

Though they have not been paid their December wages and salaries, preliminary insolvency administrator Dr. Christoph Morgen is reportedly “working at full speed” to pay them.

Appointed by the district court district court in Schwerin, Morgen is a member of law firm Brinkmann & Partner, which has 30 offices across Germany with extensive experience in handling large corporate insolvencies and in restructuring companies from the maritime and renewable energy industries.

Morgen was the 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.

“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,” says Morgen. “They need their money promptly. My team and I have already gotten the advance financing of insolvency money under way. 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, and trade union IG Metall will have to be brought to the table, along with Genting, in its role as the customer for the cruise ships being built by the group.

PLANS TO COMPLETE CONSTRUCTION OF CRUISE SHIP

“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” says Morgen. “Together with the employees and suppliers in Wismar, my plan is to complete the construction of the cruise ship Global One. 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.”

Categories: Cruise Ships, News, ShippingTags: Christoph Morgen, Genting Hong Kong, shipbuilding, shipyard
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Read source:  https://www.marinelog.com/legal-safety/shipping/insolvency-administrator-goes-to-work-at-gentings-german-shipyards/

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