Goetz wins bid, reacquires companyPosted on
Eric Goetz, owner of Goetz Custom Sailboat, will retain ownership of his company after bidding $450,000 for its assets, The Providence (R.I.) Journal reports.
The company had been petitioned into receivership Jan. 6, as a result of ongoing cash flow problems caused by the companys inability to obtain refinancing, and by the termination of a construction contract by one of the companys international customers, the company said in a statement earlier this year.
The payment, approved in State Superior Court, will be used to clear a $1.9-million loan Citizens Bank made to the company. Goetzs new boatbuilding company will be called Goetz Custom Technologies, the newspaper reports.