Bavaria Yachts orders will be built and delivered
Wages and salaries at Bavaria Yachts are secured until June 2018 the boat builder has confirmed.
The company has confirmed its application for provisional self-administration through the district court of Würzburg, Germany, has been granted. Restructuring expert, Dr Tobias Brinkmann who has experience of reorganising shipyards, will join the executive management. The previous CEO, Lutz Henkel, has left the executive management.
Dr Hubert Ampferl from law firm Dr Beck & Partner has been appointed interim administrator.
Existing orders will be built and delivered with the boatyard’s operations continuing ‘seamlessly over the next few months’ said a company statement.
“The delivery season is currently in full swing, so that it will be possible to process a large order backlog over the coming months,” the statement continued.
The company has confirmed its top priority is to find a new investor to put operations back on a sound financial footing and the first operational restructuring steps have already been implemented.
“In the current situation, we will continue to provide our customers with the customary high quality,” added Erik Appel, COO. “We have many years of experience building high-quality yachts and are industry leaders in technology in many areas.”
The boatbuilder was founded in 1978 and currently has around 600 employees whose wages and salaries will be paid by insolvency compensation until the end of June 2018.
In 2017 a new range was launched, intended to help revitalise the company’s fortunes. The flagship, the C65 was launched in January 2018.
The petition for insolvency refers just to Bavaria Yachtbau GmbH. The French subsidiary Bavaria Catamarans SAS based in Rochefort will continue to operate as normal.
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