Nobiskrug’s search for investment makes ‘promising start’
“My goal is to find an investor by the end of June,” said Hendrik Gittermann, the preliminary insolvency administrator assigned to Nobiskrug, following its recent filing for insolvency. Gittermann who works for Hamburg-based law firm REIMER, has commissioned PwC with the sale of the yard, which has confirmed interest from Germany and elsewhere.
Gittermann said he is looking for an investor “who will pursue the business of the shipyard and continue building ships with the existing workforce in Rendsburg”.
“In the past two weeks, several potential investors from Germany and abroad have already expressed their interest,” the restructuring expert added.
PwC partner Timo Klees and his team are currently identifying potential investors worldwide. Many of these will receive a detailed information package in the coming days, together with an invitation to submit an offer. “We are confident that Nobiskrug will be of particular interest to other shipbuilders and players in the maritime industry, who will be able to use the site and the expertise of the workforce,” said Klees.
The entire shipyard, including the facilities and operating site, are for sale. “According to market information, there is great interest among some shipbuilding companies in eliminating capacity bottlenecks through an additional purchase,” said Gittermann. “With an extremely qualified workforce and a resilient network of top-quality subcontractors, Nobiskrug, is a highly attractive company.”
Timeline for investment:
– Mid-May 2021: Submission of indicative bids by interested parties
– Early June 2021: Nomination of a group of bidders for further negotiations. Start of due diligence
– End of June 2021: Conclusion of sales negotiations
– July 1, 2021: Restructuring of the shipyard through transfer to purchaser
“We have set ourselves an extremely ambitious timetable,” Gittermann concluded. “But we owe it to the workforce and the creditors to find a solution as quickly as possible. I therefore expressly invite other prospective buyers to contact our M&A [mergers and acquisitions] adviser and PwC partner Timo Klees.”