21 Nov 2012

Knight and Carver hopeful of company buyout

By William Mathieson

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Knight and Carver, the San Diego-based refit and repair shipyard that filed for Chapter 11 bankruptcy in the Spring, could be close to securing the investment it requires as part of the Chapter 11 terms.

Speaking to SuperyachtNews.com Knight and Carver’s Giovanni Lococo remained tight-lipped about developments but he did acknowledge that progress had been made and that “ongoing negotiations” had allowed the yard to continue with its operations.

“We’re running a positive cash sheet and we have interested parties…we have a number of projects scheduled for the winter but none of these are superyachts at this time.”

One of the rumoured parties is New York-based ship repair company Amertech Industries. SuperyachtNews.com spoke to Amertech’s Steve Dileo, who confirmed that the company had lodged a bid:

“We’re making a bid for it but we don’t know whether we’ll be successful. There will definitely be [an outcome] before the end of the calendar year.

“We’re a shipyard operator and we’ve owned and operated shipyards down the east coast that deal with naval and commercial vessels. [Superyacht refit] is not of primary interest to us but it is of interest; we view it as 40 per cent of what the total [Knight and Carver] business is worth.”

Dileo also added that the West Coast offered an attractive new proposition for Amertech’s portfolio.


Related Links

Knight and Carver Website

Amertech Industries Website

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