Not Sailing

A court in Spain has ordered the seizure of the Russian-owned yacht Meridian A due to unpaid shipyard bills, according to Bloomberg. Spanish authorities temporarily froze the vessel’s movements in early March, shortly after the Russian invasion of Ukraine.

Meridian A, formerly Valerie, is an iconic 280-foot Lurssen yacht delivered in 2011. The owner of the $140 million vessel reportedly owes maintenance fees to a well-known yacht repair yard in Barcelona, MB92. The yard’s fee claim led to Meridian A’s relocation to a nearby marina in September.

A court has now ordered the yacht’s seizure, potentially opening the way to an asset auction to cover the unpaid bills. As an indication of the vessel’s potential value at auction, Meridian A was listed for sale last year at an asking price of $110 million but failed to secure a buyer.  More here.