German shipbuilder P+S Werften Edges to Brink

Reuters
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



 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

FIO’s New Research Vessel Enters Build Phase

The 78’ research vessel designed and engineered by Boksa Marine Design (BMD) in 2015 is headed to the building phase beginning in June.   BMD contracted with

HII Secures Aircraft Carrier Planning Contract

Huntington Ingalls Industries (HII) was awarded a $152 million contract for advance planning for the construction of the third aircraft carrier in the Gerald R.

Maritime Future Summit: Digital Shipping

Autonomous ships, smart on-board systems: At the Maritime Future Summit on September 5, industry leaders will discuss the future of shipping. For the first time

Finance

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0917 sec (11 req/sec)