October 23 - A transfer company is being set up for all 1,750 employees of insolvent German shipbuilder P+S Werften?by the State of Mecklenburg-Western Pomerania, representatives of the works council at P+S Werften, and IG Metall, the dominant metal worke

The transfer company will take over on November 1, 2012 and operate for a yearuntil October 31, 2013 with the aim to prepare the employees for new duties when they ultimately switch to interested companies.

Over the next week, all employees of the company that went into insolvency at the end of August this year (Heavy Lift News, August 30, 2012) will receive an offer to switch their contracts from P+S Werften GmbH to the transfer company.

The creditor's committee has given its approval to a plan by which the former P+S employees would then receive a short-term allowance of up to 76 percent of their former gross monthly wage.

A statement from insolvency administrator Berthold Brinkmann said he is"very satisfied" with the interest expressed for the P+S Peene shipyard in Wolgast, for which he had received "indicative offers".

For the P+S site in Stralsund the situation is "not as clear-cut and we are involved in many talks in this respect", he added.