{"id":13669,"date":"2020-07-16T04:20:34","date_gmt":"2020-07-16T01:20:34","guid":{"rendered":"https:\/\/www.al-sindbad.net\/fsgs-insolvency-proceedings-set-to-start-in-august-as-sale-talks-with-pella-siestas-continue\/13669\/"},"modified":"2020-07-16T04:20:34","modified_gmt":"2020-07-16T01:20:34","slug":"fsgs-insolvency-proceedings-set-to-start-in-august-as-sale-talks-with-pella-siestas-continue","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/fsgs-insolvency-proceedings-set-to-start-in-august-as-sale-talks-with-pella-siestas-continue\/13669\/","title":{"rendered":"FSG\u2019s insolvency proceedings set to start in August as sale talks with Pella Siestas continue"},"content":{"rendered":"<p><\/p>\n<p class=\"has-intro-font-size\">The Flensburg District Court will open insolvency proceedings concerning Flensburger Schiffbau-Gesellschaft mbH (FSG) on August 1st, the company said in an update.<\/p>\n<p>To remind,  the German cash strapped shipbuilder filed for the opening of insolvency proceedings at the local court in Flensburg in April.<\/p>\n<p> The court has approved the application, allowing the company\u2019s management to remain in control while the company restructures financially.<\/p>\n<p>The shipbuilder has been experiencing financial troubles for some time and was offered a lifeline in the form of a new owner  Tennor Holding B.V. back in September 2019.<\/p>\n<p>\u00a0However, financial woes continued with an increasing number of order cancellations in the following months.<\/p>\n<p>The most recent cancellation saw Brittany Ferries back out from the construction of LNG-powered Honfleur, which has been under construction at the yard since 2017. <\/p>\n<p>However, FSG has managed to ensure the construction continues with the support from ts creditors.<\/p>\n<div class=\"section\">\n<div class=\"block block-related-article\">\n<div class=\"card-rich \">\n\t<a href=\"https:\/\/www.offshore-energy.biz\/fsg-fighting-to-complete-lng-powered-honfleur\/\" class=\"card__lazyload card-rich__image lazyload\" data-bgset=\"https:\/\/cdn.offshorewind.biz\/file\/sites\/6\/2020\/06\/24140623\/brittany_ferries1.png\"><\/p>\n<div class=\"card-rich__element card-rich__time-ago\">\n\t\t\t\t<span class=\"screen-reader-text\">Posted:<\/span> 21 days ago\n\t\t\t<\/div>\n<p>\t\t\t<\/a><\/p>\n<div class=\"card-rich__content\">\n<div class=\"card-rich__partner-label\"><\/div>\n<h3 class=\"card-rich__title\">\n\t\t\t<a href=\"https:\/\/www.offshore-energy.biz\/fsg-fighting-to-complete-lng-powered-honfleur\/\" class=\"card-rich__link\" aria-label=\"Read more about: FSG fighting to complete LNG-powered Honfleur\"><br \/>\n\t\t\t\tFSG fighting to complete LNG-powered Honfleur<br \/>\n\t\t\t<\/a><br \/>\n\t\t<\/h3>\n<div class=\"card-rich__element card-rich__meta\">\n\t\t\t\t\t<span class=\"screen-reader-text\">Categories:<\/span><\/p>\n<ul class=\"card-category-list no-list\">\n<li class=\"card-category-list__item\">Business developments &amp; projects<\/li>\n<\/ul><\/div>\n<div class=\"card__element card-rich__time-ago\">\n\t\t\t<span class=\"screen-reader-text\">Posted:<\/span> 21 days ago\n\t\t<\/div>\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p>Meanwhile, FSG is resuming negotiations with Pella Sietas regarding a possible purchase of FSG. <\/p>\n<p><em>&#8220;As the outcome of these consultations cannot yet be predicted, FSG is, at this point in time, unable to say whether and how many jobs can be saved. The workforce has been informed about this today in staff meetings,&#8221;<\/em> FSG said in a statement on Tuesday.<\/p>\n<p><em>&#8220;We are currently setting up a transfer company and will draw up knowledge and competence profiles together with all employees as part of their individual potential analysis.&#8221; <\/em><\/p>\n<p>Hamburg-based Pella Sietas was formed back in 2014 after Russian Pella Group took over the struggling German shipbuilder Sietas Shipyard.<\/p>\n<p>Following the purchase agreement with the Hamburg-based company Terraline GmbH, a member of Pella Shipyard Group, Terraline was renamed Pella Sietas GmbH.\u00a0Under the agreement, some 120 workers were retained.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.offshore-energy.biz\/fsgs-insolvency-proceedings-set-to-start-in-august-as-sale-talks-with-pella-siestas-continue\/\">FSG&#8217;s insolvency proceedings set to start in August as sale talks with Pella Siestas continue<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.offshore-energy.biz\">Offshore Energy<\/a>.<\/p>\n<p>world maritime news<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Flensburg District Court will open insolvency proceedings concerning Flensburger Schiffbau-Gesellschaft mbH (FSG) on August 1st, the company said in an update. To remind, the German cash strapped shipbuilder filed for the opening of insolvency proceedings at the local court in Flensburg in April. The court has approved the application, allowing the company\u2019s management to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":13670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[5776,3665,8987,1293,8988,1294,1398,3088,8989,1313,3148],"class_list":["post-13669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-august","tag-continue","tag-fsgs","tag-insolvency","tag-pella","tag-proceedings","tag-sale","tag-set","tag-siestas","tag-start","tag-talks"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/13669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=13669"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/13669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/13670"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=13669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=13669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=13669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}