Goetz bidding to buy back companyPosted on
The assets of Goetz Custom Sailboats, which was petitioned into receivership in January, are being auctioned off in Rhode Island Superior Court March 6.
However, Goetz Custom Technologies, a new limited liability company that lists the original company’s founder, Eric Goetz, as its manager, has so far submitted the high bid to purchase the assets of the former company, according to an article on the East Bay Newspapers’ Web site.
The company was petitioned into receivership Jan. 6. The assets in receivership do not include the property that houses the firm’s new 43,000-square-foot facility, nor the firm’s other 20,000-square-foot facility.
Those properties are owned by separate companies, Goetz Realty and VC Land, associated with Eric Goetz, according to the article.
The receivership was the result of ongoing cash flow problems caused by the company’s inability to obtain refinancing and by the termination of a construction contract by one of the company’s international customers, the company said in a statement earlier this year.
Contacted yesterday, Goetz would not comment to Soundings Trade Only on the upcoming auction, only saying that the article was accurate.
To read the full article, click here.