German Shipbuilder Files Insolvency Petition

(Press Release)
Friday, November 18, 2011
The management of J.J. Sietas KG Schiffswerft GmbH u. Co. and J.J. Sietas Verwaltungs GmbH have filed a petition for insolvency at the Municipal Court Hamburg on 17 November 2011, due to over-indebtedness. Work on ships under construction will continue, according to the company. The court has appointed a provisional creditors’ committee of inspection and, following a hearing of this provisional creditors’ committee of inspection, has appointed Lawyer Berthold Brinkmann of Hamburg as the provisional insolvency administrator and also as consultant with regards to the conditions of opening insolvency proceedings. He will conduct the company’s future business dealings together with the management, which remains in office. The aim is to continue work on the five ships currently under construction and to maintain the Sietas Group as far as possible as a network.
The management and the provisional administrator will today inform the Works Council and the employees and conduct first consultations with clients and suppliers in order to maintain confidence in the work of the Sietas shipyard. All parties involved are working on the assumption that salaries will be secured through insolvency wage pre-financing up to 31 January 2012.  Opening of the insolvency proceedings by the court is not expected before the end of January 2012.
According to the company's website, the J. J. Sietas shipyard has been in existence in the west of Hamburg on the south bank of the Elbe since 1635.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Respopnds to Sunken Vessel Near Sitka, Alaska

The Coast Guard is responding to the sinking of a fishing vessel in Kelp Bay near Sitka Friday. Coast Guard personnel from Sector Juneau, the Coast Guard

Next LCS to be Named USS Minneapolis/St. Paul

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship will be named USS Minneapolis/St. Paul (LCS 21). The future Minneapolis/St.

Hapag-Lloyd Adds 6,000 Reefer Containers

In order to profit from the growing reefer markets in South America and Asia, Hapag-Lloyd has ordered 6,000 cutting-edge reefer containers – more than ever before in the company’s history.

Shipbuilding

Next LCS to be Named USS Minneapolis/St. Paul

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship will be named USS Minneapolis/St. Paul (LCS 21). The future Minneapolis/St.

AET Names DP Shuttle for Statoil Charter

Petroleum tanker owner and operator AET today named its newest vessel, a 120,000 DWT DP2 shuttle tanker, Eagle Bergen.    Eagle Bergen is the second of two vessels

Austal Delivers Final Cape Class Patrol Boat

Cape York, the last of eight new Cape Class Patrol Boats for Australian Border Force (formerly Australian Customs and Border Protection) has been delivered by shipbuilder

Finance

Next LCS to be Named USS Minneapolis/St. Paul

Secretary of the Navy Ray Mabus announced today that the next Freedom-variant littoral combat ship will be named USS Minneapolis/St. Paul (LCS 21). The future Minneapolis/St.

MSC Upgrades Europe-West Africa Service

As part of our objective to continually improve our services to customers, MSC is delighted to announce an upgrade to its Angola Express service with a first

Imtech Germany to Be Sold in November

The German unit of bankrupt Dutch engineering services company Imtech is expected to be sold in November, according to Imtech Germany's insolvency administrator.

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1452 sec (7 req/sec)