Hamburg – The MV-WERFTEN Group has secured a substantial bridging loan to keep the shipyard in operation until March 2021. The Group received a EUR 193 million loan from the Economic Stabilisation Fund (Wirtschaftsstabilisierungsfonds, WSF) set up by the German government. The loan will initially enable the MV-WERFTEN shipyards in Wismar, Rostock and Stralsund to complete the polar class expedition cruise ship Crystal Endeavor, along with other work. The company then intends to obtain long-term support from the federal government’s rescue fund.
An international CMS team headed by partner Dr Christian von Lenthe advised Bundesrepublik Deutschland – Finanzagentur GmbH on all legal aspects of granting the WSF stabilisation package to MV-WERFTEN. The multidisciplinary support included negotiating extensive contractual documentation relating to corporate law, financing and shipbuilding as well as advice on state aid issues.
MV-Werften has shipbuilding facilities in Wismar, Rostock and Stralsund, where it has been building cruise ships since 2016. Around 3,000 people are employed at the shipyards. The company is owned by the Genting Hong Kong Group. According to the company’s own figures, it has so far invested around EUR 2 billion in the shipyards and the construction of the Global Dream and Crystal Endeavor cruise ships.
CMS Germany
Dr Christian von Lenthe, Lead Partner
Dr Henrik Drinkuth, Partner
Dr Frederike Volkmann, Senior Associate, all Corporate/M&A
Dr Thomas de la Motte, Partner
Verena Finke, Senior Associate
Dr Dennis Ivanovic, Associate, all Banking & Finance
Joachim Kühne, Partner, Restructuring & Insolvency
Dr Michael Bauer, Partner
Roxana Kruse, Senior Associate
Helmer Krane, all Competition & EU
Dr Jost Kienzle, Partner, Maritime
Dr Hermann Müller, Partner
Florian Kuhlmann, Associate, both Public Law
CMS Hong Kong
Shirley Lau, Partner
Inhouse at Bundesrepublik Deutschland Finanzagentur GmbH
Bernd Giersberg, General Counsel
Dr Arnd Düker, Lawyer
Press Contact
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