TAMPA, Fla. – Westship World Yachts LLC, a megayacht builder and repairer based in Tampa, is in financial trouble for the second time in six years, according to a recent article published by the Tampa Bay Business Journal.
This news follows Westship’s loss of a $6-million arbitration case this summer in which a megayacht buyer alleged the vessel didn’t meet his specifications, the journal reported.
CPA Larry Hyman has taken over running the business as part of assignment for the benefit of creditors – an alternative to federal bankruptcy – after the company filed for state court liquidation in early September, according to the journal. Hyman also served as the liquidating trustee when Westship’s prior owner, Trident Shipworks, went through Chapter 11 bankruptcy in 1999.
Though the company continues to operate, thanks to funding from its parent company, Captain Nemo LLC, Hyman is hoping to have a buyer by the end of the month, the journal reported. In fact, Fort Lauderdale-based North American Yachts LLC has offered to buy the company’s operating assets for $500,000.
The company currently employs nearly 65 people. Hyman told the Tampa Bay Business Journal that he expects new owners would be able to “capitalize on new markets created by the hurricanes.”
- For more of the latest news, click here.