German shipyard Nobiskrug has filed for insolvency, according to reports from German news outlets. During the filings and insolvency proceedings, which commenced on 12th April, Nobiskrug cited “critical developments” on yacht construction having had negative consequences on investment and potential profitability as the main reasons.
According to a representative, the pandemic has “exacerbated the situation, as Nobiskrug is losing orders and has had to live with the consequences of previous management decisions for a long time.”
Nobiskrug is operated under Privinvest, an international shipbuilding group. The insolvency filings come after Privinvest had not seen any returns on profit, with an investment of approximately €178 million (c. £154 million), in recent years.
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