The state is rescuing Meyer Werft?
Meyer Werft is facing a severe financial crisis. According to a report, the federal government and the state of Lower Saxony are considering a near-complete takeover of the shipbuilder. However, the Ministry of Economics has not yet made a decision on this.
In the struggle for a rescue plan for the financially troubled Meyer Werft, no solution has yet emerged. While there are reports that the state will take a stake in the shipyard, a spokesperson for the Ministry of Economics in Hannover stated: "There is no new concrete status." It has not yet been decided whether the state will participate and, if so, how. "Everything we do, we do in step with the federal government."
According to a media report, a takeover of around 90% of the shares by the state until 2028 is being discussed - each half by the federal government and the state, which would each have to pay 200 million euros for this. In addition, the federal and state governments would provide loan guarantees of 2.8 billion euros. Minor changes to the percentages are still possible - but that the state will clearly take the majority is considered a done deal.
The Meyer Werft, known for its cruise ships, is facing the most severe crisis in its over 200-year history. To finance new ship construction, it must raise more than 2.7 billion euros by the end of 2027. Talks are underway with banks, as well as the federal government and the state of Lower Saxony, about a rescue. According to restructuring expert Ralf Schmitz, the company needs fresh money by September 15.
Large order from Disney
The financial difficulties are due to the fact that some contracts for cruise ships were concluded before the Corona pandemic and do not provide for an adjustment to the energy and raw material prices, which have since risen dramatically. Furthermore, in the industry, 80% of the construction price is usually only paid upon delivery of the ship.
Just a few days ago, the shipyard secured a new major order: by 2031, it is to build four cruise ships for Disney Cruise Line. According to the company's information, this is the largest order in the history of Meyer Werft. However, the shipyard from the Lower Saxon town of Papenburg did not disclose the volume of the order.
Despite the large order from Disney Cruise Line, the financial struggles at Meyer Werft persist. The Hanover-based Ministry of Economics is yet to make a decision on the potential state participation in the shipyard, with reports suggesting a possible 90% takeover by the state until 2028.
