Financial investor Lars Windhorst has taken a majority stake in cash-strapped German shipbuilder Flensburger Schiffbau-Gesellschaft (FSG).
Windhorst’s Sapinda Holding has tied up a deal with Siem Europe to acquire 76% of the shares and help solve its liquidity problems by injecting €33m ($37.23m) into the yard.
Siem, which has owned FSG since 2014, is also assisting by converting €10m of outstanding debt in the builder into equity.
