On July 18, 2008, Derecktor Shipyards Conn., LLC announced that the company filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code. The company said that it intends to maintain all normal business operations throughout the bankruptcy process. Its decision to file bankruptcy was a result of several factors, most notably issues relating to a contractual dispute. “The company has been engaged in lengthy negotiations to resolve issues relating to one of its contracts,” said Paul Derecktor, president of the company. Mr. Derecktor continued, “The action we have taken is a necessary step to preserve the company’s value for its creditors, customers, employees and other stakeholders as we work towards the future success of the company.