The future of the elusive 127m build, and the yard itself, remains under question, particularly in the context of the shipyard’s history. In 2009, just two years after the shipyard was established, workers went on strike as a result of unpaid wages. According to Italian media reports, January 2014 saw the yard once again face financial difficulty (though it is unclear whether this is an ongoing effect of the 2009 troubles or a new financial problem altogether) though there was promise of resolution by the end of the month. However, a source has contacted SuperyachtNews.com to suggest that the yard’s workers remain unpaid and are on strike.
In January 2014, Italian news website IlTempo.it announced that credit granted a loan to the yard of 90 million euros, which would have meant the yard was able to resume operations and construction on a superyacht it names as P430, by the end of January. The article quotes Privilege Yard as commenting: “During 2013 we expected the lenders … [would] decide on the new loan … We have increased [resources] by a further five million euro capital, bringing [the total] to 80 million … and we have obtained loans from some shareholders for an identical amount” [translation].
The news story goes on to add that the first act upon receipt of the funds, expected come at the end of January, would be repaying the balance owed to the companies operating within the yard and regulating the salaries of the workers.
However a source, wishing to remain unnamed, contacted SuperyachtNews.com in April, 2014, claiming to have heard the Civitavecchia-based yard, which the source believes to have two superyachts in build – one of 126m and one of 127m – has still not paid its workers. “They are currently on strike and there is a full-time police guard on the gates,” the source revealed.
Despite ongoing efforts, SuperyachtNews.com has been unable to make any form of contact with Privilege Yard to either confirm or deny the reports. SuperyachtNews.com will continue its efforts and update readers with any additional information.
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