The state of Mecklenburg-Western Pomerania does not have to give the Genting group a loan for the time being.
The district court in Schwerin rejected an application for an injunction in this matter on Monday.
Genting is the owner of the MV shipyards with almost 2000 employees and at the same time the customer for the ship Global One, which is being built at the shipyard in Wismar.
Susanne Preuss
Business correspondent in Stuttgart.
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The group was not able to sufficiently demonstrate that without the payment of the loan of 78 million euros, it would find itself in an existential emergency, said the judge. Such an existential need must exist for a temporary injunction. The business model of the Asian Genting group is based on cruises and gambling and has therefore suffered heavy losses as a result of the corona pandemic.
The state of Mecklenburg-Western Pomerania had promised support for Genting as the owner and main customer of MV Werften in order to close a liquidity gap that was foreseeable for the years 2024/2025.
However, Genting requested payment in December 2021, citing a current liquidity gap.
The state government rejected this request, pointing out that the future of MV Werften was not secured, whereupon Genting went to court to have the money paid out.
At the same time, due to a lack of sufficient signals of solidarity from Genting, negotiations about aid from the Economic Stabilization Fund collapsed, so that MV Werften became insolvent and filed for insolvency last Monday.
On the same day, the state of Mecklenburg-Western Pomerania withdrew the loan commitment.