Dutch superyacht builder expects Mexican steel giant Altos Hornos de Mexico (AHMSA), who acquired a majority stake in Moonen a few years ago, to return soon.
By Robert Wielaard
Moonen Shipyards says it is making “a strong recovery from the financial turbulence” that began a year ago when a majority shareholder bailed.
The Dutch superyacht builder says it expects the investor — Mexican steel giant Altos Hornos de Mexico (AHMSA) which acquired a majority stake in Moonen a few years ago — to return soon enabling the yard to resume normal operations.
In mid-2015, Moonen filed for protection from creditors, a precursor to bankruptcy. AHMSA withdrew from Moonen as steel prices worldwide nosedived.
Emile Bilterijst, Moonen CEO, tells SB he expects AHMSA “will stand by Moonen with new money.” If not, “we’ll have to look for other investors”.
For a year, Moonen has operated in limbo, staying in business thanks to the kindness of creditors and loyalty of its clients.
On May 19, the yard launched the 37m Bijoux, the first in its new semi-custom Caribbean series. The shipyard now has on month to finish the yacht and take her to undergo sea trials.
Additionally, Moonen is carrying out two refit projects.