Structured M&A process launched for Fosen Yard Emden GmbH

Provisional insolvency administrator Dr Christian Kaufmann has launched the process of finding an investor for Fosen Yard Emden GmbH. The restructuring expert from the Oldenburg branch office of PLUTA Rechtsanwalts GmbH will now hold discussions with potential investors interested in preserving the Emden business.

In recent days, internal documents have been reviewed and the necessary papers created for the structured M&A process being implemented by Dr Kaufmann together with the experts at WAYES GmbH & Co. KG under Mr Falk Schnurbusch. These will be provided to potential investors, who will then be able to submit initial offers in the coming weeks. The provisional insolvency administrator will work together with the PLUTA restructuring team under Mr André Gildehaus and Mr Jürgen Schendel to comprehensively review all offers.

Yesterday, the first meeting of the creditors’ committee took place. Important initial details on the provisional proceedings were explained there and the next steps were discussed. Meanwhile, the shipyard remains operational.

Change in management

There will be a change in management at the company, with Mr Carsten Stellamanns departing of his own accord. He said, “At Fosen, we’ve left no stone unturned in our efforts to further develop the site and strengthen its financial position. This has proven very challenging in the current situation. As a native of Emden, the shipyard is very close to my heart. I really hope that a viable long-term solution can be worked out for the shipyard employees.”

Restructuring consultant Mr Detlev Bremer will assume the reins of the company as interim manager. He has previously acted as consultant or CFO in several restructuring and insolvency proceedings and has extensive experience in the area of shipbuilding. In the next week, he will take part in the meeting scheduled with Dr Bernd Althusmann, Lower Saxony’s Minister for Economic Affairs, Labour, Transport and Digitalisation.