Sensation Yachts Faces Creditors
by Jeni Bone on 10 Sep 2008
Sensation Yachts’ Carrington (Newcastle) facility was deemed to small for Sensation’s ambitions for the future. MIAA
The highly awarded NZ superyacht builder, Sensation Yachts is facing a multi-million dollar demand for money from a list of international creditors.
One of them, two Russian investors, are allegedly owed more than $32 million over a failed superyacht deal. The $90 million deal was signed up three years ago for five boats and they paid $25 million in deposits. But no boats were ever completed.
Comments from Australian unions, involved in the shutdown of the company’s Newcastle premises, include mention of financial difficulty, although Sensation states that it is 'leveling out' and as Marine Business News reported some months ago,plans to build a $500m state-of-the-art superyacht facility in Singapore.
Sensation opened for business in Australia two years ago, supported by a five year government tax rebate.
The boatyard promised 400 jobs, but unions say only 35 workers were ever signed up and they were left in the lurch when the yard shut a few months back. At least 17 creditors have filed statutory demands against the company including NZL Inland Revenue and ACC.
Regarding the financial claims, Sensation Yachts MD, Ivan Erceg has said: 'Some have been resolved, others are days away from being resolved.'
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