Derecktor Shipyards files again for bankruptcy protection - Trade Only Today

Derecktor Shipyards files again for bankruptcy protection

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Derecktor Shipyards, just four months after exiting bankruptcy, submitted a new Chapter 11 filing as it tries to find an investor or sell its Bridgeport, Conn., operation.

The boatbuilder, which filed in federal Bankruptcy Court in Bridgeport last week, has more than 200 creditors and liabilities ranging between $1 million and $10 million. The second-largest creditor listed by the company is its landlord, the Bridgeport Port Authority, which Derecktor says it owes almost $387,000, the Connecticut Post reported.

“The Port Authority has taken steps in recent weeks to secure physical control of the shipyard and protect the assets,” acting port authority director Andrew Nunn said in an e-mail to Hearst Newspapers. "We are exploring a number of potentially very productive future uses for the Bridgeport Regional Maritime complex, but we are not in a position to provide the details at this time. Further, when the assets of Derecktor are liquidated, we anticipate full recovery.”

In a prepared statement, Derecktor said the case does not involve or affect its New York and Florida operations, which are seeing business return after the recession.

James Berman, Derecktor's head of business development, told the newspaper it was the economy and the lack of available funds that hurt the Bridgeport operation.

Derecktor also is facing a number of lawsuits, including one asserting that the parent company owes a former customer $12 million over a lending agreement made while Derecktor built the Cakewalk V, according to the newspaper.

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