Overview

• 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.