BNT Attorneys in CEE has advised Aros Marine on the insolvency proceedings of Germany’s MV Werften group.
Lithuanian company Aros Marine operates in the marine industry and specializes in new build and refurbishment ship projects. MV Werften is a Hong-Kong-German shipbuilder that operated three shipyards in the eastern part of Germany, to construct cruise ships for its parent company Genting Hong Kong.
“MV Werften filed for insolvency in January 2022 and an administrator was appointed, first in provisional insolvency proceedings and, as of March 1, 2022, in regular insolvency proceedings,” BNT reported. “Aros Marine sought advice on German insolvency law to assess their position and minimize their risk exposure under certain contracts concluded with MV Werften for provision of works and materials for the construction of the mega cruiser Global Dream I, with approximately EUR 1 billion construction costs in the Germany shipyard.”
The BNT team was led by Vilnius-based Partner Frank Heemann.