The sinking of the luxury yacht “Bayesian” off the coast of Sicily in August 2024, which claimed seven lives including British tech billionaire Mike Lynch and his daughter Hannah Lynch, has triggered the bankruptcy of the Italian shipyard that built the vessel, according to the German newspaper Frankfurter Allgemeine Zeitung.
Shipyard Bankruptcy and Financial Losses at Perini Navi
The Italian Sea Group (TISG), owner of the Perini Navi shipyard where the 56-meter sailing yacht was constructed, filed for bankruptcy in the court of Florence on July 1 of this year, as reported by Frankfurter Allgemeine Zeitung. According to the same publication, the shipyard has failed to secure a single new order since the “Bayesian” sank. Financial reports cited by the outlet show the company suffered a deficit of 163 million euros last year, alongside an additional 16 million euros in losses this year.
The vessel vanished into the sea in roughly 15 seconds after being struck by wind gusts reaching up to 130 kilometers per hour. Experts believe a powerful water spout—a vacuum-like funnel cloud stretching from a cloud base to the water surface, as defined by Store norske leksikon—overwhelmed the yacht. Subsequent efforts to raise the wreckage proved immensely complex, costing over 30 million dollars (more than 300 million Norwegian kroner), according to The Guardian. A diver lost his life during the preparations for the salvage operation.
Legal Battles and Multimillion-Euro Lawsuits
The corporate collapse coincides with substantial legal claims hanging over TISG. Angela Bacares, Mike Lynch’s widow and the owner of the yacht, has filed claims against the shipyard, arguing that former TISG chief Giovanni Costantino publicly presented the “Bayesian” as practically “unsinkable.”
In response, TISG has rejected all liability and instead blamed the vessel’s crew. The shipyard alleges that hatches and doors were left open despite the severe weather. Consequently, TISG has launched a countersuit of 456 million euros against Bacares’s boating company, captain James Cutfield, and two other crew members.
Did you know?
The complex salvage operation to raise the luxury yacht from the seabed cost upwards of 30 million dollars, according to reporting from The Guardian.
Frequently Asked Questions
When did the luxury yacht “Bayesian” sink?
The 56-meter sailing yacht sank in August 2024 off the coast of Sicily during a severe storm.
Who owned the shipyard that built the “Bayesian”?
The vessel was built at Perini Navi, a yard owned by the Italian shipyard group The Italian Sea Group (TISG).
What caused the sinking, according to experts?
Experts indicate the yacht was likely struck by a powerful water spout—a vacuum-like funnel cloud—with wind gusts reaching up to 130 kilometers per hour.
How much are the legal claims between the parties?
TISG has filed a lawsuit totaling 456 million euros against the yacht owner’s company, the captain, and two crew members, while the owner’s legal representatives have advanced competing claims against the shipyard.
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