Kleven, the Norwegian shipyard responsible for building yachts including Andromeda and Ulysses, has filed for bankruptcy, according to reports.
According to Norwegian media, Kleven and its subsidiaries Kleven Maritime Contracting and Kleven Maritime Technology, filed an application for bankruptcy to the district court after local banks terminated a loan agreement.
It comes after Croatian industrial group DIV Group signed an agreement to purchase Kleven Verft in January this year.
A statement issued by DIV to media read: “The unjustified loan termination and subsequent freezing of accounts have disabled Kleven Verft and its subsidiaries from performing their activities, even though the company’s management invested significant efforts over the past week to return the negotiations with all stakeholders to the starting position."
It added: “Since no agreement was reached, the only thing left for Kleven’s management to do was to file for bankruptcy in accordance with the laws of the Kingdom of Norway.”
It comes after the yard was commission to build the 281.8 metre Espen Øino-designed private residence vessel Njord in May.
Ocean Residences chief operating officer Alain Gruber said he did not expect the news to impact the build, which is due for completion in 2024.
“Our built agreement is with The DIV Group of Croatia and we do not anticipate the restructuring of the Kleven Yard business to delay our overall build schedule in any way," he said.