Germany's Fosen Nordseewerke has filed for bankruptcy protection again following its takeover by Norway's Fosen Group last year.
The filing is the shipbuilder's fourth in six years.
The Hannoversche Allgemeine Zeitung cited a company statement as saying the move was necessary because shareholders could not reach an agreement on joint financing of operations.
The state government wants to maintain the shipyard in Emden and secure the employment of 85 workers long-term, according to Lower Saxony's minister of economics Bernd Althusmann.
Intensive discussions are ongoing with all parties, he added.
It was reported that no salary has been paid since December.
The yard filed for bankruptcy last August, before Fosen stepped in to take a 51% stake in October.
The Norwegian shipbuilder said it had struck a deal with an investment group comprising Deutsche Industrieanlagen and Patrick Hennings-Huep, the previous owner of the yard.
Fosen intended to form "an international shipbuilding group covering the complete value chain from design, engineering, hull construction, outfitting, commissioning and final delivery," it added.
The yard filed last year after its deal to provide cruiseship hull blocks for Meyer Werft ended.
It had a deal in place until the end of August 2018 to provide ship sections to its compatriot.
But a report cited a Meyer Werft spokesperson as saying Meyer Werft did not want to extend the contract due to "substantial problems" with the partnership and timely deliveries.
