Indian Empress draws €35 million bid day before second auction

Sep 23, 2018 by Triton Staff

The M/Y Indian Empress may have a buyer at last. Sea Beauty Yachting Limited offered to pay €35 million for the 311-foot (95m) yacht, launched by Oceanco in 2000, one day before a second public auction was scheduled to take place, Boat International has reported.

The yacht, impounded in March on behalf of 13 creditors who are collectively owed about €2 million, was due to be re-auctioned Sept. 19 after previous winning bidder Crediyacht, representing an Iranian buyer, failed to pay the the €43.5 million price in time. The case was adjourned until Sept. 25 after the mortgagee, Barclays, appealed to the Maltese Court to allow the private sale of the yacht. If the court allows the private sale, Crediyacht will be ordered to pay the difference in sale price.

Creditors include more than 40 crew who have reportedly not been paid since September 2017, when the owner reportedly abandoned the boat. Wages owed have been estimated to range between $6,250 to more than $92,000 individually.

Read more here.

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