Germanys smaller shipbuilder Flensburger Schiffbau-Gesellschaft (FSG), which in recent years has specialized in ro-ros and ferries, took a key step forward with its restructuring. The purchase agreement for the assets of the shipyard along with 350 of its employees was completed by investment companies belonging to Tennor Holding. The shipyard had sought court protection in April 2020 with a self-administered insolvency process but later was placed under the protection of the commercial court in Germany to complete insolvency proceedings.
FSG had a long history of financial troubles. Siem Europe, which was the yards largest customer, had acquired the shipyard in 201…
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