Sources in Germany indicate that the country’s biggest yacht builder is seeking new financial backing.
Despite no official communique from the company itself, reports from Germany on Friday (20 April) indicate that Bavaria Yachts has gone into administration.
The company employs over 500 people in Giebelstadt, Bavaria making power and sail yachts up to 65ft long. A separately owned multihull brand, Nautitech, is based in La Rochelle, France and is expected to continue business as usual, according to several reports.
A statement is expected early in the week.