Problems mount for Derecktor Shipyards - Trade Only Today

Problems mount for Derecktor Shipyards

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Derecktor Shipyards, the yacht builder that has gone bankrupt twice in Connecticut and now also in New York as its shipyard there seeks Chapter 11 protection, is finished in Bridgeport, according to a city official. Derecktor is the builder of the 281-foot Cakewalk V, which at the time of her 2010 launching was the largest private yacht built in the United States in 80 years.

It was evicted from its Bridgeport facility, there is a $1.77 million lien on its equipment, and on Monday the Mamaroneck, N.Y.-based company's shipyard joined Derecktor Connecticut in bankruptcy, leaving Bridgeport's top development official with no doubt about the yacht-maker's future there, the News-Times newspaper reported.

Derecktor had a Rhode Island operation in the 1980s, but left there after filing for bankruptcy in 1992. Other units also have been involved in bankruptcies and lawsuits with customers.

The Bridgeport Port Authority evicted Derecktor from the site in January and remains a creditor in the bankruptcy procedure. City officials told the newspaper that Derecktor has paid back rent to collect some things, but it and some of its former customers are also paying storage fees on equipment at the site.

He said the most recent action in New York complicates Derecktor's business.

This week, Robert E. Derecktor Inc., Derecktor's Mamaroneck boatyard, filed a Chapter 11 bankruptcy petition in U.S. Bankruptcy Court, Southern District of New York. The company claimed assets of $50,000 or less and liabilities of between $1 million and $10 million.

Click here for the full article.

Click here for a Soundings story about Cakewalk V.

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