Back in August I wrote about how Global Ship Systems seemed to be in dire straits, considering it had been shut down for more than a month. Despite pledges by the CEO that it would indeed come back soon, the property and assets were auctioned last month for nearly $18 million to a company that in turn expects to sell it.
As reported in the Savannah Morning News last month, the Georgia-based megayacht refit and repair yard was sold to DB GSS, a holding company affiliated with Drawbridge Special Opportunities Fund, which foreclosed on the property in October. Drawbridge was Global Ship Systems’ primary creditor and was owed $38 million as of the following month, according to court documents.
Since creditors aren’t in business to be property holders, it makes sense that DB GSS will sell the facility. “We’re going to entertain offers from everybody in the world who’s interested in having what could be a first-class shipyard in Savannah,” Shalom Kohn, a spokesperson for Drawbridge, told the paper. He added that offers have already come in from a few parties.
It could indeed be a first-class shipyard. There’s a 535-foot-long graving dock that’s partially covered, a marine railway for vessels to 200 feet LOA, a 100- by 200-foot finishing building, plus space dedicated to welding, masonry, and painting. It also has a storied history, having built minesweepers for the U.S. Navy in the 1980’s under the name Intermarine USA, building custom megayachts from the late 1990’s through early part of this decade as Intermarine Savannah, and servicing several high-profile megayachts, including Reverie and Katana, within the past few years as Global Ship Systems.
Of course, turning the facility back into a force to be reckoned with will require serious investment beyond the purchase price. More than 100 people were laid off last summer, so staffing is imperative, and everything from the docks to the sheds will need evaluation to determine whether repairs are needed.
I’ll continue to follow the story and post developments as they come.
Leave a Reply