Goetz Custom Boats petitioned into receivership
By IBI Magazine
Goetz Custom Boats, a custom designer and builder of racing sailboats, has been petitioned into receivership this week. According to East Bay Newspapers, the Bristol, Rhode Island company has furloughed all 75 workers. "You are talking to one of the guys who is laid off," founder Eric Goetz told the paper. Goetz says that the cancellation of a project by an international client, and the company's inability to obtain refinancing, prompted creditors to petition for receivership. He hopes the company will return to business. The cancelled contract is for an 85ft racing sailboat that is only half constructed. "The company is hopeful that this project will be restarted, however, in order to preserve its assets and to protect its workforce, the company laid off workers on 12/31/08 after having met its payroll and health insurance obligations," a company statement read. Another boat is also under construction, and Goetz told the paper that customer wants to continue. The statement noted that Goetz is working with lenders and investors to "to put together a group and obtain funding to purchase the assets of Eric Goetz Custom Sailboats Inc and/or to create a new company to continue in the custom boat market, and to develop other marine related semi-custom projects and high end commercial composite products." Goetz began business in 1975, and in 2007, opened a state-of-the-art facility with more space for large projects and ovens used to "cook" the carbon fiber components. The new facility also let Goetz branch out to other non-boating fields. Goetz-built boats have won the America's Cup, Admiral's Cup and Maxi World as well as competing in many other international regattas.
(9 January 2009)
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