MV-WERFTEN Group’s EUR 193 Million Loan From The Economic Stabilisation Fund

CMS advised Bundesrepublik Deutschland – Finanzagentur GmbH on all legal aspects of granting the WSF stabilisation package to MV-WERFTEN.

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.

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 team included Dr Christian von Lenthe (Picture), 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, Mina, Roxana Kruse, Senior Associate, Helmer Krane, all Competition & EU, Dr Jost Kienzle, Partner, Maritime, Dr Hermann Müller, Partner, Florian Kuhlmann, Associate, both Public Law, Shirley Lau, Partner.

Inhouse at Bundesrepublik Deutschland Finanzagentur GmbH were Bernd Giersberg, General Counsel and Dr Arnd Düker, Lawyer.

Involved fees earner: Michael Bauer – CMS Hasche Sigle; Thomas de la Motte – CMS Hasche Sigle; Henrik Drinkuth – CMS Hasche Sigle; Verena Finke – CMS Hasche Sigle; Dennis Ivanovic – CMS Hasche Sigle; Helmer Krane – CMS Hasche Sigle; Roxana Kruse – CMS Hasche Sigle; Joachim Kühne – CMS Hasche Sigle; Frederike Volkmann – CMS Hasche Sigle; Christian von Lenthe – CMS Hasche Sigle;

Law Firms: CMS Hasche Sigle;

Clients: Bundesrepublik Deutschland Finanzagentur GmbH;