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“One of our clients with whom we have a dispute, engaged in legal maneuvering that caused us to file our petition so that our Bridgeport, Connecticut yard could continue to operate efficiently and without distraction,” Paul Derecktor, President of Derecktor Shipyards said this morning. “We currently have 250 employees at Derecktor Bridgeport and have plans to expand our infrastructure. We expect to come out of Chapter 11 as soon as we resolve our dispute”
In America, a Chapter 11 filing stays litigation while it reorganizes, operates, and conducts business as usual. This is different than a Chapter 7 filing where a trustee is appointed and the company usually shuts down and workers are laid off.
Derecktor went on to say that the company is still growing very strongly and the infrastructure improvements will be used to increase both commercial and yacht construction with particular emphasis on building more and larger yachts. “We are still meeting with clients and have been told that we are on the shortlist for a number of new projects. We look forward to increased growth in the Bridgeport yard.” Derecktor said.
The company recently obtained permits to erect three new buildings on its 23 acre site in Bridgeport and according to the Connecticut Post has a U.S. Maritime grant of $863,000 for buildings and equipment to help it expand the Bridgeport operation.
Derecktor sounded very upbeat about the future of the yard and looked upon the chapter 11 filing as a technical hitch used to protect the company’s assets while they negotiate with one of the clients who had a large vessel built in the yard. While Derecktor would not say what negotiations caused the filing, it can only be one of the three major projects the company has done in recent months. Last year the company delivered a large alloy catamaran passenger ferry to Bermuda and has spent the last three years building the world’s largest catamaran, originally known as the Gemini project, but now the yacht has been named Hemisphere. The other major project is the largest private yacht to be built in the United States since before WWII. This project is still in the steelwork stage and is not expected to be completed for some years. Paul Derecktor was adamant that there will be no layoffs at Bridgeport and the progress on the company’s present projects was proceeding at a carefully scheduled pace.
By Roger Marshall
Derecktor shipyard: company profile | website
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