Two German shipbuilding companies file for bankruptcy
Two German shipbuilding companies have filed for bankruptcy, authorities in Germany revealed on Thursday.
Spokespeople for the district courts in Flensburg and Neumünster explained that the cases concerned Flensburg Schiffbau Gesellschaft, based in the northern German city of Flensburg, and Knobiskrug, located in the nearby Rendsburg district.
The two German companies are owned by the Tenor Group, a holding company founded by German investor Lars Windhorst.
Shipbuilders in Europe’s largest economy are struggling financially due to a lack of orders, with salaries repeatedly paid late.
Windhorst had been heavily criticized by politicians in the northern state of Schleswig-Holstein, with state premier Daniel Guenther calling on him to step aside.
