By Finnegan Belleau & Adeleine Halsey
Published on 11/09/2024 - 17:08 GMT+2•Updated 17:35
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The federal government and the state of Lower Saxony are collectively buying up 80% of the firm, as the shipbuilder struggles with a nearly €2.8 billion hole in its balance sheet.
The German federal budget committee approved the government's plan to save shipbuilder Meyer Werft on Wednesday morning.
The proposal involves the federal government purchasing a roughly 40% stake in Meyer Werft for €200m.
Germany also plans to provide the company with a loan guarantee worth €1bn, meaning the state will cover the loan if Meyer Werft is unable to pay.
However, this guarantee still has to be approved by the budget committee, as the amount