PLUTA Restructuring Expert Dr Kaufmann appointed as provisional Administrator for a Shipbuilder

FerroCon Shipbuilding GmbH based in Westoverledingen has filed for insolvency. With an order issued on 7 June 2018, the Local Court of Leer has appointed the restructuring expert Dr Christian Kaufmann from PLUTA Rechtsanwalts GmbH as the provisional insolvency administrator for the company.

The attorney Dr Kaufmann commented with optimism: “We will continue the full scope of business operations. In view of the good order situation, the chances of successfully restructuring the company and maintaining operations are very good. We are confident that we will be able to find an investor in the near future.”

Filing for insolvency became inevitable for the shipbuilder due to an unexpected liquidity shortage. Currently, FerroCon Shipbuilding GmbH has a workforce of more than 31 employees, whose salaries are guaranteed for a period of three months thanks to the so-called insolvency substitute benefits.

Specialising in the shipbuilding industry, the medium-sized company founded in 2014 is an important supplier of German shipyards. FerroCon Shipbuilding GmbH assumes responsibility for demanding tasks when it comes to producing specific assemblies for cargo ships, tankers and passenger ships.

In the provisional insolvency proceedings, Dr Christian Kaufmann will be supported by the attorney Mr André Gildehaus. All the members of the PLUTA team are specialists in corporate restructuring.