While the news of Bavaria's receivership, announced to employees on Friday 20 April 2018, has fuelled discussions at the Grande Motte multihull show, the German manufacturer, Europe's 2nd largest yachting group, is confining itself to official communication by press release. In its dispatch of 24 April 2018, the company announced that it would be saved in accordance with the German self-administration procedure. The court in Würzburg appointed Hubert Ampferl as interim administrator.
Departure of the CEO and recruitment of a new manager
Lutz Henkel, CEO of Bavaria since January 2015, left the company last week. The existing management team has been strengthened by the arrival of Tobias Brinkmann, a specialist in corporate solvency law, who, according to Bavaria,"has extensive experience in reorganising shipyards. "
Orders and salaries insured until June
Bavaria states in its press release that the funds made available by the safeguard measure will enable it to ensure payment of the salaries of the 600 employees and the continuation of production and deliveries until June 2018. At the same time, the management has set itself the priority objective of finding financial as well as strategic investors.
French catamaran factory spared
The subsidiary Bavaria Catamarans, formerly Nautitech, based in Rochefort, remains outside the safeguard procedure. The press release indicates that the French company continues to operate normally.