Nobiskrug, the German shipyard founded in 1905, has filed for bankruptcy protection, German news outlet Norddeutscher Rundfunk reported.
The superyacht yard made headlines when it launched Sailing Yacht A in 2017. At 468 feet, she is the world’s largest sailing yacht, and her three, 300-foot masts are the tallest, most highly loaded freestanding composite structures.
Norddeutscher Rundfunk said the company has had issues from previous management decisions and the Covid-19 pandemic; it announced layoffs for 120 employees last year, or 30 percent of its workforce.
According to Nobiskrug, the shipbuilding group Privinvest had made investments of almost
EUR180 million ($215 million) in the last several years without a return. Nobiskrug provided no further information.
Economics Minister Bernd Buchholz was hopeful that the company can continue after bankruptcy proceedings commence.
“There are still various possibilities that can create prospects for the workforce and also for the company itself,” Buchholz told Norddeutscher Rundfunk.