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The insolvency administrator Dr Christian Kaufmann from PLUTA Rechtsanwalts GmbH has succeeded in finding an investor for FerroCon Shipbuilding GmbH. Business operations will be taken over by the newly founded company Shipbuilding UG by means of an asset transfer. The creditors’ assembly approved the purchase agreement on 7 September 2018, with the follow-up solution becoming effective on 1 August 2018.
The jobs of the 29 employees who work for the shipbuilding company, based in Westoverledingen in in Lower Saxony, will be saved. The parties agreed not to disclose any details concerning the purchase price.
On 1 August 2018, the Local Court of Leer appointed the PLUTA attorney Dr Kaufmann as the insolvency administrator. He previously had acted as the provisional administrator for the company. During the past few weeks, business has been maintained without any interruption. “We have been holding intensive discussions, and we are pleased that we managed to achieve a long-term solution,” said the restructuring expert Dr Kaufmann, who was given support in the proceedings by Mr André Gildehaus. The creditors can expect a recovery rate of probably more than 35 percent.
The company specialising in the shipbuilding industry is an important supplier of regional shipyards. It assumes responsibility for demanding tasks when it comes to producing specific assemblies for cargo ships, tankers and passenger ships.