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A little more than a month after its Connecticut yard filed for Chapter 11 Bankruptcy protection, Robert E. Derecktor’s New York shipyard filed a Chapter 11 case of its own on Monday.

R.E. Derecktor said it has assets of $50,000 or less and liabilities between $1 million and $10 million. In documents filed in bankruptcy court in New York, the yacht maker said it owes the Connecticut Development Authority on a $2.7 million loan to its Derecktor’s Bridgeport shipyard.

The CDA tells Financial Mines the outstanding balance is $1.77 million.

E. Paul Derecktor, president of the the parent company Derecktor Holdings, said in an affidavit that the CDA obligation will most likely be paid off either by a liquidation of assets of the Connecticut yard, or through an injection of capital from private equity.

The latest filing blames the trouble at the yards on a down economy and two lawsuits. The first from New York Water Taxi, for whom Derecktor built six vessels and later was sued over alleged defects. The settlement required Derecktor to service the taxis for free, and Derecktor says it can’t afford to do that in this economy.

The second lawsuit involves the two Alaskan ferries Derekctor built. Alaska is suing Derecktor and a German engine maker over issues involving the engines. Derecktor said in the court document that it doesn’t expect the courts to hold it liable for the engine problems, but must operate as though it might.