In addition to Jaap Klein, the new managing director will be shipyard manager Martin Hammer, founder of enomyc, a consulting firm specializing in restructuring. The restructuring experts Stefan Denkhaus and Friedrich von Kaltenborn from the law firm BRL in Hamburg will act as general representatives. Dr. Christoph Morgen, partner in the law firm Brinkmann & Partner, has been appointed provisional administrator.

"We at FSG want to continue to stand for modern shipbuilding on the fjord in the future. For now, the company needs to return to a state of calm, which is equally important for employees and customers. According to current plans, shipyard operations, which have been suspended due to the spread of Covid-19, are to be resumed in early summer so that we can continue with industrial shipbuilding," says Managing Director Martin Hammer, describing the next steps.

The general representatives are contributing their insolvency law expertise to the self-administration of FSG: "The aim of the proceedings is to put shipbuilding on a solid financial footing. This is desirable for both creditors and customers. As a first step, we want to continue building the RoPax ferry Neubau 774 for Brittanny Ferries, which is currently under construction," says Stefan Denkhaus from BRL.

Dr. Christoph Morgen, specialist lawyer for insolvency law, tax consultant and business economist, will monitor the self-administration in his capacity as provisional administrator and support the company: "FSG is the global market leader for RoRo ferries. I welcome the fact that the shareholder has announced its intention to restructure the shipyard and to continue it with orders from the existing shareholder. Both are thus assuming responsibility in this difficult situation. The aim must now be to develop a viable restructuring plan from this announcement in the short term, to examine its feasibility and to secure the financing. At any rate, that is my expectation for the self-administration."

Lars Windhorst, founder of FSG owner Tennor Holding, is committed to FSG: "We remain committed to FSG. The self-administration will now work with Tennor to develop a viable concept for the future. We are also in close, constructive contact with the former shareholder Siem."

Around 650 employees are currently receiving short-time working benefits. The months for which the pre-financing of insolvency benefits will apply are currently being examined. In any case, the current month and the months of May and June are secured. However, the aim of the self-administration is to cover the insolvency benefit period from May to July.

Thomas Jansen, Chairman of the FSG Works Council, explains: "The Works Council and the workforce agree that the time of silence must be over - because only together can we succeed. We are the global market leader in RoRo shipbuilding and want to build on our success. To do this, we must return to our old structures and strengths. Management and staff must work together again at the shipyard."

"I expect the shareholder to make a long-term commitment to FSG. It must not just be a matter of processing orders in the short term. The workforce has shown that it can design and build award-winning and complicated ships even under the most difficult circumstances. I believe in the future of FSG," says Michael Schmidt, 1st authorized representative of IG Metall Flensburg.