Nobiskrug and Flensburger Schiffbau-Gesellschaft File for Insolvency, Signaling Deep Crisis in Tennor Group

In a game-changing twist for the boating industry, prominent shipbuilders Flensburger Schiffbau-Gesellschaft (FSG) and superyacht shipyard Nobiskrug officially declared bankruptcy. The move signals a deepening crisis for their parent entity, Tennor Group, and its beleaguered owner, Lars Windhorst. District courts in Flensburg and Neumünster named lawyers Christoph Morgen and Hendrik Gittermann as the provisional insolvency administrators. It’s a sobering finale to a harrowing saga of reported mismanagement and financial turmoil. The severity of the predicament came to light when the SH public utility company threatened to halt the power supply at the Rendsburg facility over long-overdue payments. The only thing that saved the facilities from a blackout was the presence of a federal police ship requiring repairs.

The takeover of FSG by Lars Windhorst’s Tennor Group in 2019 has ultimately led to the current situation. Despite promises of a rebirth as ‘FSG 2.0’ and future projects galore, they only saw unmet deadlines and unfulfilled promises. The result? A once-thriving shipyard left vulnerable.