USA: Derecktor Shipyards Seeks Protection from Bankruptcy

January 25, 2012

Derecktor Shipyards Conn. LLC, based in Bridgeport, CT, announced today that it is seeking protection under the Chapter 11 bankruptcy and reorganization laws. A depressed economy, the cash drain of investment made in building out the Bridgeport facility, and a recent lack of new construction opportunities, have put a tremendous strain on the company’s finances. The shipyard is seeking strategic alternatives, including an investor or buyer of the yard.

The Bridgeport yard’s location and capabilities made it very competitive for both yacht and commercial new construction, as well as service and refit projects, during stronger economic times. A significant success was the construction and delivery in 2009 of the 39 meter offshore terminal supply tug Independence. The company’s most recent accomplishment was the construction and delivery in 2010 of m/y Cakewalk V – the largest private yacht built in the United States since 1930 and, at 85 meters and 2,998 tons, a masterpiece of engineering, design and craftsmanship. See our website at www.derecktor.com for additional information.

Separately, Robert E. Derecktor, Inc. and Derecktor of Florida, Inc. are completely unaffected by the events in Bridgeport.

Robert E. Derecktor, Inc., located in Mamaroneck, NY, is currently working on approximately 40 boats in for winter storage, and has several yacht and commercial re-fit projects underway. Personnel are also engaged in off-site millwork projects and the outfitting of Presto series sailboats. The Mamaroneck yard continues to offer the same custom new construction skill-sets for which it has become famous.

Derecktor of Florida, located in Dania Beach, FL, has had very strong growth in yacht repair and re-fit revenues in 2011, up almost 30% over the prior year. Building on this momentum, the company is investing in a major upgrade of it’s hauling/transfer capabilities and electrical infrastructure in 2012. The yard remains dedicated to providing outstanding service and refit offerings to the global mega-yacht community.

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Shipbuilding Tribune Staff, January 25, 2011; Image: derecktor