Marina Puerto del Rey files for Ch. 11 with $44.3M in debt
Puerto del Rey, the largest marina in the Caribbean located in Fajardo, filed for Chapter 11 bankruptcy protection late last week, listing $44.3 million in debt. The lion’s share of the debt is attributed to creditor FirstBank de Puerto Rico, with $43 million.
With a capacity of 1,100 boats, Puerto del Rey has been in operation since 1988. It operates year-round, offering 700 slips on concrete fixed piers and 450 covered dry racks for smaller boats three-high, with extra spaces along piers and at anchor for transient boats. Boats anchored at the marina range in size from 30 feet up to 150-foot yachts.
The marina’s busiest boating season is from October through April. Only 30 of the 1,150 boats are used as liveaboard residences. The posh facilities are said to be worth $67.3 million.
In the bankruptcy filing, Puerto del Rey lists the Puerto Rico Treasury Department and the Puerto Rico Electric Power Authority among its creditors, to whom it owes $45,000 and $215,000, respectively. The marina also owes nearly $593,000 to security company Ranger American of Puerto Rico.