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29-604: In January 2022, MV Werften filed for bankruptcy, and an administrator was appointed by the court to oversee the bankruptcy proceedings. The companies three yards were sold off. The company was originated in Genting Hong Kong's purchase in April 2016 of three shipyards from Nordic Yards , located in Wismar , Stralsund , and Rostock-Warnemünde . The yards were initially combined with Lloyd Werft , previously purchased by Genting, to form

58-457: A Nordic AT 19 tanker designed for arctic conditions for the Russian company MMC Norilsk Nickel, worth around 100 million euros, could begin.  Since 2010, the company has been involved in the offshore sector with the construction of platforms  and special ships  . In December 2012, the shipyard received a Russian government contract to build two ice-breaking rescue and recovery ships for

87-614: A breakdown of talks between the German government and Genting Hong Kong to secure further support to refinance its shipyards' operations. An administrator was appointed by the courts, with a stated aim to pay the outstanding salaries of the workers and complete Global Dream . The shipyard in Rostock was sold to the German Navy and renamed Marinearsenal Warnowwerft. The Wismar facility was sold to Thyssen Krupp Marine Systems . The Stralsund facility

116-495: A consortium of commercial and state sources, which was expected to keep the shipyard solvent until an expected federal aid package of up to €570 million later in the year. In October 2020, MV Werften received a €193 million loan from the German federal government's Economic Stabilisation Fund , which allowed for the resumption of work that month on Crystal Endeavor , with a target of a March 2021 delivery, and Global Dream . In January 2022, MV Werften filed for bankruptcy, following

145-587: A new class of mid-size cruise ships, named the Universal class, which would measure 88,000 gross tons with a capacity for 2,000 passengers. The first ship of the class was scheduled for delivery in late 2022. Due to the COVID-19 pandemic , MV Werften suspended operations in March 2020, delaying the expected deliveries of both Universal and Global class vessels. In July 2020, MV Werften received €175 million in financial aid from

174-416: A second hall, 385 metres (1,263 ft) by 99 metres (325 ft) by 24 metres (79 ft), to support construction of Global class ships by building large modules. The Wismar shipyard is 560,000 square metres (140 acres) in size, of which 170,000 square metres (42 acres) is covered, and has a 340 metres (1,120 ft) by 67 metres (220 ft) by 72 metres (236 ft) building hall. The Stralsund yard

203-462: Is 340,000 square metres (84 acres), of which 90,000 square metres (22 acres) is covered, and has a 300 metres (980 ft) by 108 metres (354 ft) by 74 metres (243 ft) building hall. Lloyd Werft Wismar 53°53′48″N 11°26′11″E  /  53.896667°N 11.436389°E  / 53.896667; 11.436389 Meyer Wismar (former VEB Mathias-Thesen-Werft Wismar , Aker MTW Werft , Wadan Yards MTW , Nordic Yards Wismar )

232-665: Is a German shipbuilding company, headquartered in Wismar . After June 1, 1990 it was part of the Deutschen Maschinen- und Schiffbau AG (DMS AG), from 2009 it was part of the Nordic Yards Holding GmbH , and in 2016 it became part of the Lloyd Werft Group. In June 2022 Thyssenkrupp Marine Systems (TKMS) acquired the Wismar site of MV Werften. In November 2022, a lease agreement was signed with Meyer Werft to complete

261-609: The VEB Kombinate , or VEB Group, which integrated the VEBs much more closely than the largely administrative VVBs. Under this system, the term Kombinate was frequently dropped and the term VEB usually implied the group rather than the individual factory. The organisation of all state enterprises was the responsibility of the State Planning Commission . VEBs often had company sports teams, and played an important role in

290-460: The Global Dream with the yard renamed Meyer Wismar. The yard at Wismar was founded on April 27, 1946 as a Red Army ship repair shop, which was handed over to the German state administration on January 1, 1947. After the takeover of the old Hanse shipyard , the integration of the site of the former "Hafenschmiede" and the boatyard "Schröder und Schackow", the resulting state-owned company

319-590: The Kombinat Schiffbau Rostock . From the 1950s, a large number of seagoing vessels were built for the trading and fishing fleets of the East Germany (GDR), other Comecon countries and the international market. In 1960 the only new cruise ship built in the GDR, MS  Fritz Heckert , was launched in Wismar. Extensive modernization work took place between 1982 and 1985 to bring the shipyard up to date. In

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348-527: The Arctic. The director Dieter Schumann accompanied the slide of the company and its employees into insolvency as well as the rescue maneuvers that were supposed to lead out of it in his film "Wadan's World". This premiered on October 22, 2010 as part of the 53rd International Leipzig Festival for Documentary and Animated Film . In March 2016, the Malaysian-Chinese shipping company Genting Hong Kong acquired

377-578: The Crystal River Cruises brand to be delivered in 2017 and 2018, followed by a 20,000 GT Endeavor class yacht annually for Crystal Yacht Cruises in 2019—2021, with Dream Cruises receiving a Global class cruise ship in 2020 and a sister ship the following year. At full capacity post-2021, the three shipyards are planned to be able to build two vessels of both the Endeavor and Global classes annually. The first Rhine class vessel, Crystal Bach ,

406-550: The Disney Group acquired the building, it is to be completed and converted under the direction of Meyer Werft and to go into operation in 2025.  The insolvency administrator has leased the shipyard facilities to Meyer Werft during completion of the cruise ship. This German corporation or company article is a stub . You can help Misplaced Pages by expanding it . Volkseigener Betrieb The Publicly Owned Enterprise ( German : Volkseigener Betrieb ; abbreviated VEB )

435-585: The Lloyd Werft Group, but in July 2016 the three eastern ex-Nordic yards were organized into MV Werften, headquartered in Wismar and led by Jarmo Laakso. In August 2016, MV Werften's first newbuild vessels, two river cruise ships of the Rhine class named Crystal Bach and Crystal Mahler , were laid down at the Wismar shipyard. In November, Genting Hong Kong publicized further plans for its shipbuilding plans at MV Werften—four river cruise vessels for Crystal Cruises under

464-512: The MV shipyards. On March 20, 2020, the production of the current shipbuilding projects was suspended and the shipyard was temporarily closed. This was justified by the operational restrictions due to the COVID-19 pandemic. Norddeutscher Rundfunk reported that the shipyard group was having trouble paying bills for the second Global -class cruise ship and expedition yacht Crystal Endeavor being built at

493-497: The Nordic Yards for a purchase price of 230 million euros,  the shipyard in Wismar was valued at 108.5 million euros.  Together with Lloyd Werft Bremerhaven, the shipyards in Wismar, Warnemünde and Stralsund were to operate under the name "Lloyd Werft Group" and manufacture cruise ships.  In July 2016, however, the founding of MV Werften was announced, which is based in Wismar. The cruise ships are now built exclusively at

522-629: The Warnemünde and Stralsund sites; MV shipyards have contacted the KfW and applied for liquidity support from the Corona special program. On January 10, 2022, the company filed for bankruptcy. On June 10, 2022, the shipyard was sold to Thyssenkrupp Marine Systems , which plans to build naval vessels in the shipyard from 2024. Meanwhile, the 80 percent completed Global Dream is to be completed;  in November 2022,

551-506: The assets of the German Wadan business units through the Nordic Yards, founded by him, for around 40.5 million euros. After the sale of all assets, the still insolvent German Wadan Yards parts are a legal shell through which the Wadan creditors are compensated. In October 2009, work was resumed in the company, but new orders were initially pending.  It was not until 2010 that construction of

580-557: The course of the economic reforms in the period of reunification in the former GDR, the VEB Mathias-Thesen-Werft Wismar was converted into a corporation on June 1, 1990 and operated as Mathias-Thesen-Werft Wismar GmbH , a subsidiary of Deutsche Maschinen- und Schiffbau AG (DMS) in Rostock, fully owned by the Treuhandanstalt . After the renaming in 1992 to MTW Schiffswerft GmbH (MTW now for "Meerestechnik Wismar",

609-589: The first secretary of the factory party organisation ( Betriebsparteiorganisation ) of the SED , and the chairman of the factory trade union ( Betriebsgewerkschaftsleitung ). Subordinate to them were roles such as "Chief Accountant" and "Technical Director". VEBs were initially vertically integrated into units called Associations of Publicly Owned Enterprises ( Vereinigung Volkseigener Betriebe , VVBs). A VVB existed in most major industries to consolidate production and reduce waste. They had all been replaced by 1979 with

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638-510: The name "Aker Ostsee" since about the integration of the Kvaerner Group into the existing Aker Yards group of companies in 2002, as Aker MTW Wismar from 2006. In 2008, Aker Yards sold the majority of its shares to a Russian financial investor. The transaction came into effect retrospectively as of January 1, 2008, and from September 22 the yards traded as "Wadan Yards". On June 5, 2009, the German divisions of Wadan Yards Group AS , including

667-528: The promotion of sports. In 1989, VEBs employed 79.9% of the East German workforce. After German reunification and the introduction of the market economy in 1990, the ownership of around 8,000 publicly owned enterprises passed to Treuhand , the trust agency which oversaw the privatization of GDR state property. An honorary name was frequently added to the firm's actual name, for example, VEB Kombinat Chemische Werke " Walter Ulbricht " Leuna . This

696-668: The takeover by the Bremer Vulkan Verbund AG followed in August 1992. From 1994 to 1998 modernization took place through investments amounting to approx. 1 billion DM , although Bremer Vulkan had to file for bankruptcy in 1996. On May 1, 1998, the Norwegian group Aker RGI took over the shipyard, which henceforth bore the name "Aker MTW". The former Kvaerner Warnow Werft Rostock GmbH and the Aker MTW Werft have been cooperated under

725-625: The yard in Wismar, filed for insolvency at the District Court of Schwerin . The Schwerin lawyer Marc Odebrecht, a member of the law firm Brinkmann & Partner, was appointed as insolvency administrator. In mid-August 2009, the insolvency administrator was able to present an investor who also took over the Wismar shipyard. Nord Stream Moscow office head Vitaly Yusufov (Russian: Виталий Юсуфов, English transcription: Vitaly Yusufov), son of former Russian Energy Minister and Gazprom Supervisory Board member Igor Yusufov (Игорь Юсуфов, Igor Yusufov), acquired

754-597: Was delivered in August 2017, followed by Crystal Mahler in September. In January 2018, shipbuilding began at the Stralsund shipyard with a ceremony for the first steelcutting in the construction of Crystal Endeavor , the first Endeavor class yacht. In March, construction of the first Global class ship began, with components to be built at both the Rostock and Wismar yards and the vessel assembled in Wismar. In December 2019, Genting Hong Kong announced that MV Werften would build

783-498: Was renamed VEB Mathias-Thesen-Werft Wismar (MTW) on October 31, 1951 . In 1959, MTW and other shipbuilding companies were merged into the Association of Publicly-owned Shipbuilding Companies (VVB Schiffbau). The development of group-like organizational structures, which can generally be observed in the industrial sector of the GDR , continued in 1979 with the conversion of VVB Schiffbau into

812-483: Was sold to the City of Stralsund. MV Werften's largest shipyard is in Rostock, with 850,000 square metres (210 acres) of total space, of which 85,000 square metres (21 acres) is covered. When Genting Hong Kong purchased the yard, it had a single shipbuilding hall measuring 320 metres (1,050 ft) long by 54 metres (177 ft) wide, with an interior clearance of 80 metres (260 ft). In August 2017, construction began on

841-532: Was the main legal form of industrial enterprise in East Germany . These state-owned enterprise were all publicly owned and were formed after mass nationalisation between 1945 and the early 1960s, and the handing back in 1954 of some 33 enterprises previously taken by the Soviet Union as reparations . The managing director of a VEB was called a plant or works manager ( German : Werksleiter , Werksdirektor or Betriebsdirektor ). They were assisted by

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