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Superyacht maintenance company GYG has delayed the release of its full-year results after being informed that administrators have been appointed at the Nobiskrug Shipyard in Germany where it has three active contracts.
It was 'made aware late in the afternoon' on 12 April 2021 of the situation at the shipyard and said that it has invoices outstanding, all of which relate to 2021, totalling approximately €2.8 million related to its active contracts.
GYG said: 'The company is in discussions with the various parties involved with a view to agreeing a programme of works and payment schedule for completion of the contracts which both minimises GYG's financial exposure and achieves a satisfactory outcome for the end clients.'
The company was due to release its results for the financial year ended 31 December 2020, on 14 April 2021.
At 2:38pm: (LON:GYG) GYG Plc share price was 0p at 69.5p