The Federal Budget Committee has approved the German government’s bailout plan for Meyer Werft.
The Papenburg and Rostock-Warnemünde shipyards are to put under the control of the state of Lower Saxony, which will acquire 80% of the company through a €400 million investment. In addition, this plan also includes a €1 billion loan guarantee.
Meyer Werft is one of Germany’s leading shipbuilders and has long been in financial trouble due to soaring energy and raw material costs. The shipyard is currently $2.8 billion in debt.
Translation by Giles Foster
