The Biz, Chapter 11


Chapter 11

Bad news for one of the legendary boatyards…

What should be one of Derecktor Shipyards crowning achievements —
the building of the world’s largest sailing catamaran for $27 million
— is approaching albatross status as the Bridgeport boatyard moves
through bankruptcy.

Tuesday, Derecktor Shipyards won approval in U.S. Bankruptcy Court
to keep paying its 250 employees and bills, and continue work on at
least four boats while it reorganizes.

Derecktor filed for Chapter 11 Bankruptcy protection for its Bridgeport
operation Friday; city officials said. They had heard one of the catalysts
for the move was a dispute over a single vessel.

According to bankruptcy filings and a lawsuit in U.S. District Court
for the Southern District of New York, that project is Hemisphere, the
catamaran being built for Cayman Islands-based Gemini II.

Derecktor signed a contract to build the 145-foot Hemisphere in 2005.
Its mast is to stand 174 feet and its draft is to be less than 10 feet,
according to a news release issued by Derecktor April 4. The luxury
sailing cat would have a crew of eight and boast five cabins that are
big enough for 12 guests. For about $150,000 a week, the charter vessel
would ply the Caribbean and other sailing destinations. But now the
vessel is at the center of the builder’s troubles. Read