The embattled German shipbuilding group FSG-Nobiskrug Holding along with its two shipyards and its design group have been provisionally declared insolvent by a German court due to a filing by an insurance company. Investor Lars Windhorst, who has controlled the group since a prior insolvency filing in 2020, is vowing to fight the proceeding and use it as an opportunity to reorganize the group.
The Flensburg District Court today, December 12, accepted the filing made by a health insurance company starting the insolvency process. The court named two prominent German lawyers, Christoph Morgen and Hendrik Gittermann, both well-known in restructuring cases as provisional insolvency administrators to oversee the operations, but…
