Silent Yachts insolvency: Major bankruptcy of ASAP Trading GmbH with debts of 45.8 million euros
Leonie Meyer
· 02.02.2024
The Regional Court of Klagenfurt has opened a major bankruptcy for ASAP Trading GmbH, which acts as a holding company for a total of seven subsidiaries, including Silent Yachts Explorer 100/1 GmbH and Silent Italia S.r.l. The company's liabilities amount to around 45.8 million euros, of which 9.3 million euros are subordinated claims. A total of 55 creditors and 36 employees are affected.
The cause of the insolvency lies in the challenges posed in autumn 2023 by a Dutch/Turkish contractual partner who - according to Silent Yachts without justification - stopped production of all the boats ordered. This led to a standstill in production in Turkey. "Despite these challenges, the shipyard in the Italian city of Fano is operating normally and is in a restructuring phase," reads an official statement from Silent Yachts. The aim is to transition from a founder-financed company to an investor-financed company managed by experienced industry experts.
What the future holds for Silent Yachts
The changes are intended to increase the company's growth potential and promote an efficient organisational structure that focuses on the production of solar electric boats under the Silent Yachts brand in Italy. The company plans to switch to modular series production in March 2024, with all yacht components arranged next to each other in one hall so that they can be built simultaneously instead of one after the other. This method of repeatable processes will significantly reduce lead times and minimise costs, the press statement continues.
Media from Austria, such as kleinezeitung.at and daili.atThe media also report that two approaches to damage limitation are being discussed: Customers could take over semi-finished boats in Turkey and finish them themselves, or the litigation risk could be transferred to a litigation financier.
ASAP Trading, which was founded in 2017, initially experienced a strong growth phase. However, the takeover of the production site in Italy and the cooperation with a shipyard in Turkey resulted in high investment costs. The insolvency administrator will initiate appropriate steps. The first creditors' meeting is scheduled for 19 March 2024. The continuation forecast is negative according to creditor protection associations.
According to Silent Yachts, founders Michael and Heike Köhler are handing over the management of the company to COO Fabrizio Iarrera. They will continue to be available to the company in the areas of sales and development and will act as brand ambassadors.
