MV Werften is to receive 300 million euros from the federal government

After months of negotiations, a financing concept is in place for the MV Werften Group in Mecklenburg-Western Pomerania. The MV Werften Group is to receive 300 million euros from the federal government's economic stabilization fund for the completion of the cruise ship "Global 1". State Economics Minister Harry Glawe and State Finance Minister Reinhard Meyer presented the concept in Schwerin, which was negotiated with the federal government, the shipyard owner Genting Hong Kong and the banks. "The locations stay warm," said Glawe. More than 2000 jobs at the shipyards in Wismar, Rostock and Stralsund are thus secured. Around 650 employees would initially be transferred to a transfer company. But when building more ships like the "Global 2" or "Endeavor 2" there is hope that things will continue, said Glawe. The suppliers would now also have the necessary security for future orders. The final decision of the federal government is still pending, said Meyer. This should take place later this week. In order to avert the bankruptcy of MV Werften, federally guaranteed loans totaling 193 million euros were approved in December. The federal government and the state have done something together for shipbuilding in Mecklenburg-Western Pomerania, said Meyer. Genting is offering the ships "Global 1", "Endeavor" and "World Dream" as collateral. After the "Global 1" was delivered, it was said that land was being discussed as a security deposit. The profits from the sale of the ships of around 560 million euros remained in Germany and could be reinvested. According to Meyer, the country is giving a further loan of 72 million euros to finance Genting. If the "Global 1" has been delivered, plots stand as security. Unless Genting redeems the loan beforehand because its own capital has been raised. "We consider this to be a manageable risk. We are doing it in the interests of industrial policy, shipbuilding and, above all, the employees," emphasized Meyer. According to Glawe, the Genting Group presented itself as a fair partner in the negotiations. "Genting wants to keep these three locations." The group had previously achieved interest and repayment benefits of around one billion euros on the American market. On this basis, it was discussed how the shipyards could be made afloat again.