A key figure in the restructuring efforts of Rickmers Holding has been appointed as the preliminary insolvency administrator of Hansa Heavy Lift.
Oaktree-backed Hansa Heavy Lift filed for insolvency this week after the private equity firm opted not to inject further capital into the company.
Today the Hamburg District Court appointed Dr Christoph Morgen to oversee the process, with his key responsibility to represent Hansa creditors in the process.
Morgen, an insolvency specialist with law firm Brinkmann & Partner, is expected to take around three months to assess the Hansa business and advise on possibilities for the future.
Salaries for the next three months will be covered by the Employment Agency, meaning Hansa will not need to find money for wages until March.
Morgen knows shipping well, having been appointed to the board of Rickmers Holding as chief restructuring officer.
While Rickmers Holding was ultimately liquidated, the future of Hansa Heavy Lift has yet to be decided with Morgen’s initial task to understand the company’s finances.
Options ranging from the sale or partial sale of assets, to the arrival of a new investor or the winding up of the company all remain on the table right now.
Brinkmann & Partner has a long connection with German shipping and was involved with insolvencies of shipbuilder P+S Werften and the Hamburg-based Sietas Shipyard.
