November 18 - J.J. Sietas KG Schiffswerft GmbH u. Co. and J.J. Sietas Verwaltungs GmbH filed a petition for insolvency at the Municipal Court Hamburg yesterday (November 17).

The court has appointed a provisional creditors' committee of inspection and, following a hearing of this provisional creditors' committee of inspection, has appointed Lawyer Berthold Brinkmann of Hamburg as the provisional insolvency administrator and also as consultant with regard to the conditions of opening insolvency proceedings.

He will conduct the company's future business dealings together with the management, which remains in office. An official statement states: "The aim is to continue work on the five ships currently under construction and to maintain the Sietas Group as far as possible as a network." 

The statement adds that today (November 18), the management and the provisional administrator will inform the Works Council and the employees and conduct first consultations with clients and suppliers in order to maintain confidence in the work of the Sietas shipyard. All parties involved are working on the assumption that salaries will be secured through insolvency wage pre-financing up to January 31, 2012.

The statement concludes that the opening of the insolvency proceedings by the court is not expected before the end of January 2012.