Derecktor Shipyards told local media that it is considering a temporary shutdown of its operations in Bridgeport, Connecticut.

Last year, the company launched Cakewalk V, a 66m (218ft) yacht that was the largest built in the US in over 70 years.

More than 300 workers worked at the Bridgeport facility during the building of Cakewalk and two other yachts. Now, the employee roster is down to 20 to 25 doing maintenance work on ferries.

“It’s tough times for us,” Paul Derecktor, president of the company, told the Connecticut Post. “There’s no new construction and service is just barely enough.” Derecktor said layoffs have taken place steadily since Cakewalk V was delivered in November.

Derecktor added that the current financial problems are not tied to any litigation. In 2008, the shipyard filed for bankruptcy protection when two owners sued over the costs of production and delivery times. The cases associated with that filing were closed this August.

Andrew Nunn, the acting executive director of the Bridgeport Port Authority, told the paper his department is already lining up other potential tenants for the authority-owned site. It is officially called the Bridgeport Regional Maritime Complex.

“The BMRC will continue to operate as an active shipyard, despite Derecktor Shipyard’s reported plan to file for bankruptcy,” Nunn says in a statement. “The BMRC is an important local, statewide and regional asset for the marine industry.

“We are pursuing a new plan with strong industry partners. We have active work on the site now