Although it is still undergoing restructuring, Moonen Shipyards has restarted work on one of two megayachts whose builds were suspended this past summer. Work halted when Moonen filed for what has been termed suspension of payment, a restructuring option in the Netherlands that avoids bankruptcy.
The move occurred due to problems with Altos Hornos de Mexico (AHMSA), Mexico’s largest integrated steel plant. AHMSA had financed a Caribbean series yacht under construction on spec, 1 37m Martinique. AHMSA pulled out of the builder earlier in 2015 due to a dramatic drop in steel prices. Moonen’s cash-flow problems impacted progress on a 30m Matica model, even though it had separate financing.
Moonen has restarted work on the Matica model, recently joining her hull and superstructure. Delivery is set for 2016, with launch anticipated for July. The company’s managing director, Emile Bilterjist, indicated that Matica’s owner and AHMSA both played a role in recommencing construction.
Despite the yard’s difficulties, Bilterjist said Moonen has been able to keep its experienced workforce, a move that is vital to the company’s future. Moonen’s management team will continue to focus on emerging from court protection and to seek a buyer for the Martinique. Her hull and superstructure are also complete with the interior open to owner input. Delivery could take place as early as spring 2017.
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