Windhorst-Owned FSG and Nobiskrug Shipyards File for Insolvency

The insolvency process begins for two historic German shipyards after prolonged financial struggles and management criticism.

The Flensburg and Rendsburg shipyards, part of Lars Windhorst's Tennor Group, have entered insolvency proceedings following years of financial instability.
Preliminary administrators report severe financial mismanagement, including unpaid wages, overdue social security contributions, and incomplete financial statements for over two years.
The shipyards face liabilities exceeding €20 million, with efforts underway to stabilize operations and secure a new investor by January 2025.
Government officials, including Economy Minister Robert Habeck, see potential for revitalization, particularly in offshore wind energy projects, and have pledged support for restructuring efforts.
The workforce, long critical of Windhorst's leadership, expresses cautious optimism about the opportunity for new ownership and improved operations.