German shipbuilder P+S Werften Edges to Brink

Thursday, August 23, 2012

German shipbuilder P+S Werften fights for time to stave off insolvency.

Troubled German shipbuilder P+S Werften, which operates two of the country's biggest shipyards, has asked some of its customers to pay for ships in advance to bridge a liquidity shortfall and avert insolvency.

New Chief Executive Ruediger Fuchs has approached Danish shipper DFDS, passenger ferry operator Scandlines and Greenland's Royal Arctic Line, a P+S spokesman told Reuters recently.

The company received a German state guarantee for a 152.4 million euro rescue loan, but Fuchs, who was appointed CEO this month, found that those funds were insufficient to finish building any more ships on order.

Source: Reuters


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