Derecktor Shipyards files for bankruptcy

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.

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