Derecktor Shipyards CT Files for Chapter 11

[SOUNDBOUNDER]

Derecktor Shipyards Conn. LLC, based in Bridgeport, Connecticut, has announced 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, according a company press release issued January 21.


Derecktor Shipyards Files for Chapter 11 | BoatingLocal.com


https://www.facebook.com/pages/Derec...8755257?ref=ts

[mstern]

Sad, but not surprising. Wasn't the current incarnation of this company formed when Derecktor went bust a few years ago? If I recall, the new Derecktor bought all of the assets of the old Derecktor at firesale prices; it was mostly the same management and workers, just with a new corporate face. If they couldn't make a go of it then, it shouldn't be too surprising that this version of the company had the same problems. It seems that their one huge project (Cakewalk?) staved off bankruptcy for only so long.

[jppp]

Milton School in Rye 1968. After school one day Bobby Derecktor asked Chris C. and I to help him take his mom's boat "the Goose" from their house on the Point around to the yard in Mamroneck. It needed some work I believe. It was an uneventful trip of about 1 hour. We motored most or all of the way. Details have become sketchy. I remember The Goose was a 20-25 foot open daysailor. None of this story is remarkable except that we were all in fifth grade at the time. I was 9, they were 10. My kids played with Polly Pockets at that age.

[SOUNDBOUNDER]

Originally Posted by mstern

Sad, but not surprising. Wasn't the current incarnation of this company formed when Derecktor went bust a few years ago? If I recall, the new Derecktor bought all of the assets of the old Derecktor at firesale prices; it was mostly the same management and workers, just with a new corporate face. If they couldn't make a go of it then, it shouldn't be too surprising that this version of the company had the same problems. It seems that their one huge project (Cakewalk?) staved off bankruptcy for only so long.

IIRC the Bridgeport yard has been in Chapter 11 numerous times in the past decade. There have been numerous lawsuits too.

[SloopJonB]

Sad - another great old name going down. I wonder what would have happened if they had stuck with the original yard and hadn't opened in Florida etc.

[rgscpat]

How healthy are the other yards?

[SloopJonB]

Originally Posted by rgscpat

How healthy are the other yards?

I read it as the umbrella company - Derecktor ShipyardS LLC - that would indicate all of them.

[SOUNDBOUNDER]

Originally Posted by rgscpat

How healthy are the other yards?

According to their press release:

Separately, Robert E. Derecktor, Inc. and Derecktor of Florida, Inc. are completely unaffected by the events in Bridgeport.

Robert E. Derecktor, Inc., located in Mamaroneck, NY, is currently working on approximately 40 boats in for winter storage, and has several yacht and commercial re-fit projects underway. Personnel are also engaged in off-site millwork projects and the outfitting of Presto series sailboats. The Mamaroneck yard continues to offer the same custom new construction skill-sets for which it has become famous.

Derecktor of Florida, located in Dania Beach, FL, has had very strong growth in yacht repair and re-fit revenues in 2011, up almost 30% over the prior year. Building on this momentum, the company is investing in a major upgrade of it’s hauling/transfer capabilities and electrical infrastructure in 2012. The yard remains dedicated to providing outstanding service and refit offerings to the global mega-yacht community.

Interpret that any way you want

[SloopJonB]

Originally Posted by SOUNDBOUNDER

According to their press release:

Separately, Robert E. Derecktor, Inc. and Derecktor of Florida, Inc. are completely unaffected by the events in Bridgeport.

Robert E. Derecktor, Inc., located in Mamaroneck, NY, is currently working on approximately 40 boats in for winter storage, and has several yacht and commercial re-fit projects underway. Personnel are also engaged in off-site millwork projects and the outfitting of Presto series sailboats. The Mamaroneck yard continues to offer the same custom new construction skill-sets for which it has become famous.

Derecktor of Florida, located in Dania Beach, FL, has had very strong growth in yacht repair and re-fit revenues in 2011, up almost 30% over the prior year. Building on this momentum, the company is investing in a major upgrade of it’s hauling/transfer capabilities and electrical infrastructure in 2012. The yard remains dedicated to providing outstanding service and refit offerings to the global mega-yacht community.

Interpret that any way you want

That's good news. The Mamaroneck yard produced a lot of famous boats.

[SOUNDBOUNDER]

Now it sounds like the Mamaroneck yard is in trouble:

Derecktor, 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.
Evicted from its facility, 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 here.


Read more: Derecktor's financial problems hit New York - Connecticut Post