Superyacht shipyard Nobiskrug and shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) have filed for insolvency, intensifying the financial crisis for the Tennor Group, owned by Lars Windhorst. Insolvency administrators have been appointed amidst allegations of financial mismanagement and unpaid bills.

Nobiskrug and FSG's parent company, the Tennor Group, is front and centre as both shipbuilders have filed for insolvency following a period of financial instability and alleged mismanagement. The company, under Lars Windhorst, has been grappling with the repercussions of insolvency submissions and pending court declarations. Situations worsened this week when the SH public utility company threatened power cut-offs at their Rendsburg facility due to unpaid bills dating back to 1st December. However, action was stalled due to the presence of a federal police ship in dock for repairs. But it is the employees at both firms that are bearing the brunt of this unfolding crisis. With the festive season around the corner, around 500 employees have been left hanging, many of whom have already received pink slips. Notably, the workers' union representative noted repeated delays in salary payments, including November wages and seasonal bonuses. As we delve deeper into the crisis, the Tennor Group's actions will be under increased scrutiny, highlighting the real-world impact of corporate financial instability.