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Post by ferryfast admin on Feb 2, 2012 13:41:15 GMT -5
Bridgeport yacht builder Derecktor bankrupt again
By Greg Bordonaro gbordonaro@HartfordBusiness.com www.hartfordbusiness.com/news22476.html
Today
Struggling Bridgeport luxury-yacht builder Derecktor Shipyards, which emerged from bankruptcy in 2010, is once again seeking court protection from its creditors.
Derecktor has filed for Chapter 11 bankruptcy in New Haven, which shields a debtor from creditors while it works out a court-approved plan to reorganize.
According to court papers, Derecktor estimated its assets and liabilities between $1 million and $10 million.
The boat builder, slapped with a $12 million law suit last year for allegedly breaching its contract to build the super-yacht Cakewalk V, temporarily closed down its operations on Bridgeport Harbor in September.
The Cakewalk V was billed as the longest luxury vessel ever built in the U.S. The ship is currently owned by Denver private equity investor Charles Gallagher, who put vessel up for sale last summer.
In a written statement, the company blamed its latest financial morass on "a depressed economy, the cash drain of investment made in building out the Bridgeport facility, and a recent lack of new construction opportunities.''
The state of Connecticut has invested over $3 million in the company in recent years.
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