Foreclosure Pella Sietas: How Germany's Oldest Shipyard Gets Into the Strudel of Russia's Sanctions

Welt

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Due to sanctions against a Russian bank, the site of the oldest German shipyard is now being auctioned. A conventional investor process is not feasible, says the insolvency administrator.

ndr.de

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The property of the Hamburger Pella Sietas shipyard comes under the hammer. The oldest German shipyard has been insolvent for four years. The site in Neuenfelde on the Elbe has been empty since then.

abendblatt.de

Factuality

Ownership

Land of the insolvent shipbuilder must not be sold because of Russian sanctions. Why only a forced auction will help.