According to German news outlets, the shipyard had been struggling with earlier management decisions, creating a situation that was gravely compounded by the coronavirus crisis.
Nobiskrug has confirmed that it has filed for insolvency, but did not give any further comment at this stage.
Nobiskrug’s parent company Privinvest - an international shipbuilding group - had invested almost 180 million euros in the Rensburg yard in recent years.
Bernd Buchholz, Minister of Economic Affairs in the state of Schleswig-Holstein, made an appearance on German television to speak of ‘hope for perspectives’ despite the grave situation in the shipbuilding landscape in general.
Nobiskrug is perhaps best known for the construction of 143m Sailing Yacht A; the world’s largest motor-assisted sail yacht who was sighted in the Isle of Man last week.
There are several projects currently in-build at Nobiskrug, including the 77m Project Black Shark.