A Dutch court has declared the yacht builder Moonen Yachts bankrupt, according to multiple reports. The decision has been made just two weeks after Moonen had announced they had been about to close a deal with a new investor.
Despite the bankruptcy procedure, the builder will continue negotiations with the potential investor. Furthermore, the new potential stakeholder of the yard can even benefit from the bankruptcy, as they will be relieved of the responsibility to pay off Moonen’s debts.
Previously, the Mexican steel giant Altos Hornos de Mexico (AHMSA) was the main investor at Moonen. In 2015, the AHMSA claimed it was no longer able to finance the construction of two of the three in-build semi-custom-yachts from the Moonen ‘Caribbean’ series, with construction having begun a month earlier.
With a new chief revenue officer announced in 2017, they began the process of restructuring the company. In 2018, the shipyard received the World Superyacht Award for the 36-metre (118-foot) Brigadoon, followed by an order for its sistership that should be completed by 2020.
But with only one boat under construction at the asset, the board decided further development of the shipyard was impossible without the support of a new, financially stable investor.