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MV Werften bankruptcy administrator focused on Global Dream completion

PHOTO: MV WERFTEN CRUISE_Global_Dream_transfer.jpg
The completion of Global Dream is the aim of MV Werften's court-appointed administrator. Here, the ship's midsection was transferred to MV Werften's Wismar facility in late 2019
The court-appointed administrator for MV Werften's insolvency aims to see Global Dream completed, and a separate ruling about a subsidy payout in a Genting Hong Kong-instigated legal action is expected Monday.

'I would like to finish building the cruise ship Global One together with the employees of MV Werften and the suppliers in Wismar,' said the administrator, Christoph Morgen, a partner at the Hamburg-based law firm Brinkmann & Partner. 'For this purpose, I will immediately start talks with all those involved in order to work out the requirements for the completion of the ship.'

Ideas for long-term future

Morgen also said it was important to jointly explore ideas for the long-term future of MV Werften which would impact numerous maritime industry suppliers. The group has shipyards in Stralsund, Rostock and Wismar along with a cabin prefabrication plant in Stralsund.

Various politicians, including the Mecklenburg-Vorpommern state minister for economy, Reinhard Meyer, have suggested the yards group could have a future in building offshore wind farm components. 

During his visit to Stralsund on Thursday, Morgen also said outstanding wages for December will be paid, latest, on Monday.  

Upcoming court decision

Meanwhile, the Schwerin district court is expected to issue a ruling Monday about a stalled €78m backstop payment from Mecklenburg-Vorpommern to Genting HK. Genting went to court, claiming it has satisfied pre-conditions for the subsidy and warned it may not be able to meet financial obligations without the funds.

Shares plunge more than 50%

Genting HK shares plunged more than 50% when the stock resumed trading in Hong Kong Thursday after a four-day halt.

If the court should decide in Genting's favor, that could spark a political earthquake in Mecklenburg-Vorpommern since the state's refusal to pay out the €78m led to MV Werften's insolvency filing.

Germans have conflicting views about Genting

Opinions in Germany about Genting's involvement in MV Werften vary. While Carsten Schneider, representing the federal government as commissary for the eastern federal states (former GDR), sharply criticized Genting yesterday and described its behaviour — going to court — as irresponsible, an influential IG Metall trade union official said that over more than 20 years, he has not seen an investor in east Germany that had performed as agreed and in such an exemplary manner as Genting.

Genting HK has invested an estimated €2bn into MV Werften since taking control in 2016.