Cruise Ship Builder MV Werften Files for Bankruptcy

MV Werften

MV Werften filed for bankruptcy protection on Jan. 10 according to German media reports.

The shipbuilder, owned by Genting, has not paid December salaries to approximately 2,000 employees. 

German media said there is a "liquidity gap" at MV Werften of 148 million euro, and state aid may not be enough for a bailout. German politicians meanwhile want to turn the Stralsund location into an industrial park.

Meanwhile, the German government is ready to step in and help, according to sources. 

The yard delivered the Crystal Endeavor in 2021, and currently has the Global Dream under construction for Genting's Dream Cruises brand with a sister ship set to follow for 2023.

Financing for the Global Dream was said to be in doubt, with the ship sitting roughly 75 percent complete and set for a late 2022 delivery. 

Last June the yard received a German government loan commitment, with a new management team following in September.

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