ISA Yachts, which ceased operations in Ancona, Italy last year, could have a new owner by summertime. Fellow Ancona shipyard Wider Yachts is among more than a dozen companies reportedly interested in taking over the property.
Wider Yachts is also keenly interested in acquiring the name. In a e-newsletter sent to clients and media today, Tilli Antonelli, Wider’s CEO, says the management team has been speaking with local authorities “for some time.” He adds, “Our formal offer to acquire both the shipyard and the ISA brand was placed in early January, although the process is unlikely to be concluded until mid-July.”
ISA’s facility features four sheds capable of building megayachts to 262 feet (80 meters). ISA, established in 2001, delivered a few dozen megayachts from 98 to 217 feet (30 to 66 meters) before its financial troubles became public. Last May, it filed notice with the courts and its labor unions for an arrangement with creditors, to avoid bankruptcy. (The notice is known as concordato preventivo in Italy.) ISA had not signed a megayacht contract since early 2014. According to Il Sole 24 Ore newspaper, ISA had €40 million in debt and laid off 102 employees in August. It then went into liquidation.
Wider faces competition in acquiring ISA from other parties. One is Fritelli Maritime Group. Also based in Ancona, it operates container ships, warehouses cargo, and loads and unloads container ships. It further manages passenger ferries. According to Il Sole 24 Ore, last week Fritelli’s management team met with the labor unions. This was a follow-up to a formal acquisition proposal made at Christmastime. If successful, it would mark Fritelli’s entrance into building its own vessels, plus doing refits. It does not seem interested in yachting activities.
The newspaper further states that the Chinese firm Weichai Group, which owns CRN, is interested in acquiring ISA. In total, Il Sole 24 Ore reports, 17 parties have come forward to inquire about buying the assets.
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