Nobiskrug insolvency ‘no complete surprise’
The insolvency of German shipyard, Nobiskrug, was no “complete surprise” Jay Tooker, partner, HFW told Superyacht Investor. The yard, which constructed Sailing Yacht A, filed for insolvency earlier this week. Nobiskrug (NBK) is operated under Privinvest, an international shipbuilding group.
Tooker said: “I would say that we were not completely surprised by the insolvency. It is fairly common knowledge that they have had cash-flow difficulties during the past year or so and have sometimes been slow to pay suppliers. Unfortunately, these things happen and if the situation was already difficult before Covid-19, the pandemic will not have helped.”
During the filings and insolvency proceedings, which commenced on April 12th, Nobiskrug cited “critical developments” on yacht construction having had negative consequences on investment and potential profitability, as the main reasons for insolvency.
A representative of the yard said the pandemic has “exacerbated the situation, as Nobiskrug is losing orders and has had to live with the consequences of previous management decisions for a long time”.
Tooker added: “On a brighter note, NBK are in administration, not liquidation, and the administrator’s remit from the court is to keep the business going and restructure it. Hopefully the yachts under construction will be completed in situ and NBK will get back on their feet as a famous name in yacht building.”
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