- Chancellor Scholz is anticipated to visit Meyer Werft
Olaf Scholz, the Chancellor, is set to attend a workshop at the struggling Meyer Werft boatyard on Thursday (1pm). Known for its luxury cruise ships, the company is currently grappling with its most severe predicament in its 200-year long journey.
The company dipped into losses during the COVID-19 pandemic, with banks now considering its creditworthiness insufficient, even with a full order book. Over 3,000 jobs in the Papenburg area are under threat.
A possible remedy under consideration includes temporary involvement of the federal and state (Lower Saxony) governments in the company, accompanied by loan guarantees. The company requires approximately 2.8 billion euros in total funds. Some aspects are yet to be finalized, and the EU Commission would need to sanction this plan as well.
The EU Commission will need to evaluate and potentially approve the proposed involvement of the federal and state governments in Meyer Werft, as they aim to provide loan guarantees and aid the struggling company with its required funds of approximately 2.8 billion euros. Despite the Chancellor Olaf Scholz's upcoming workshop at the boatyard, there is growing concern over the potential job loss of over 3,000 people in the Papenburg area due to the company's financial struggles.
