P+S files for insolvency proceedings

The yard says that it has recently been involved in intensive discussions with the representatives of the German Federal State of Mecklenburg-Western Pomerania and the German Federal Government, and with its customers, suppliers, employees, the trade union IG Metall Küste and with banks to find a way towards an economic future for P+S Werften. Last week we ran a story from our German correspondent Tom Todd that suggested the group’s plight was worse than was being admitted at the time.

Rüdiger Fuchs, who took on the position of CEO earlier this month, said: “In recent days we have explored all options in our attempts to reach a solution. We have provided open and honest information about our problems and tried to prevent insolvency. Now it is clear that it is not possible to reach an out-of-court solution supported by all stakeholder groups.”

It is hoped that the planned sale of the Peene shipyard in Wolgast will go ahead. Management has informed the works council about the application for insolvency. Works meetings are being held at the two shipyards in Stralsund and Wolgast, where 1,771 people and 116 trainees are currently employed.

A further announcement is expected once the insolvency court has reached its decision.