The execution of the purchase agreement has taken place as scheduled: several companies belonging to Tennor Holding have taken over 350 employees of the Flensburger Schiffbau-Gesellschaft (FSG) as well as the assets of the shipyard within the scope of a transferable restructuring as of 1 September, 2020.
In order to continue the restructuring process started in the insolvency proceedings, the new managing directors Stefan Kindler and Tarek Malak, who were seconded by Tennor Holding, will further build up the organization.
By the winter of 2020, the management of the Flensburger Schiffbau-Gesellschaft will be placed in the hands of a management team with years of experience. The talks are already well advanced. Their task will be to give the FSG a strategic orientation and to win further shipbuilding contracts in order to fill the shipyard on the Flensburg Fjord with civil and military newbuildings.