Derecktor Shipyards Files for Bankruptcy

Derecktor Shipyards Announces Bankruptcy

Derecktor Shipyards, builders of the world famous Cakewalk, has recently announced that it is now seeking investors after filing for protection under bankruptcy and reorganization laws.

Derecktor Shipyards Conn. LLC recently announced that it is filing for bankruptcy after facing a depressed economy, a cash drain of investment made in enhancing the Bridgeport facility, and a recent lack of new construction opportunities which has ultimately put a tremendous amount of financial strain on the company.

The shipyard is now 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.

Separately, Derecktor would like to announce that Robert E. Derecktor, Inc. and Derecktor of Florida, Inc. are completely unaffected by the events in Bridgeport.