Italian brand ISA Yachts has submitted notice to trade union and court authorities that it is seeking agreement with creditors. The procedure is designed to stave off insolvency by paying suppliers and subcontractors only a portion of what is owed to them. A local Italian newspaper has reported that 106 jobs are at risk and there are no potential buyers or new investors on the horizon for the Ancona shipyard.
ISA, purchased by London-based Yachting Investors grou-p in October 2006, delivered a record four yachts in 2014. These include the 43m Philmi, 43,63m Wilder Wind, 54m Forever One and 66, Okto. The yard has not signed a new order since May 2014 when it secured a contract to complete a 71m motoryacht whose hull and superstructure were built in Arkhangelsk Russia.
The municipal council of Ancona recently discussed controversial situations involving two other local shipyards, Fincantieri and CRN. Since acquisition by China-based Weichai Group in 2012, CRN has undergone repeated restructuring. Despite post-recession hopes that the superyacht industry is slowly recovering in Italy, these developments indicate that market confidence is still lacking and remains unstable for some yacht builders.
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