Bankrupt Privilege Yard has found new owners

After a series of failed auctions of the bankrupt in 2015, the shipyard Privilege Yard finally found a new host. They became the based in Malta company Royalton Investment. From holding many assets, including his firm SSH Maritime, involved in sales, Charter, refit and building of yachts.

Several Italian Newspapers confirmed the deal. Although none of them calls its real value, industry magazine Superyacht News estimates the deal at 6,016 million euros.

If these data are confirmed, it will mean that the final cost was below the set earlier this year threshold. In April the arbitration court of the Italian city of Civitavecchia, where is the Privilege Yard was set as the initial value of the company at the auction the sum of 9.4 million euros.

According to one of the Italian Newspapers, Royalton Investment signed an agreement on 22 October. The publication quoted Cozzolino Antonio (Antonio Cozzolino), the mayor of Civitavecchia, who admitted that waiting to meet the new owners of the Privilege Yard. He also added that he would like to know about their plans regarding former employees of the shipyard.

It is noteworthy that Royalton Investment purchased not only the Wharf but also the construction-unfinished in its docks — 127-metre Project P430 Privilege One, the first draft of the Privilege Yard.

Its construction began in 2008 and was completed in 2012, but even in 2014 the vessel was built only 60%. After the bankruptcy of the shipyard the yacht was offered for sale through a brokerage company Bluewater for 399 million euros. The new owners of the shipyard hope that in the course of the year Privilege One will be finally launched.

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