Financing costs SkipperLiner workers their jobs

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A deal that would have financed the construction of two boats at SkipperLiner Industries Inc. fell through, sending about 20 workers back home.

About half of the company’s workers were called back Monday to the idled boatbuilding facility to finish work on the boats, which was expected to take until the end of October. But the workers were told financing fell apart when they arrived at work Thursday morning, the LaCrosse Tribune reports.

“The deal fell apart, so we had to send the employees home today,” said court-appointed receiver James McNeilly. He declined to say why the financing failed.

The financially troubled boatbuilding firm shut down April 30. That also was the day SkipperLiner filed for Chapter 128 receivership in La Crosse County Circuit Court.

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Comments

One comment on “Financing costs SkipperLiner workers their jobs

  1. arch

    Financing didn’t cost workers their jobs.  The bad business climate and Skipperliner not being able to sell boats is what cost them their jobs.
    Why would any lending instituion finance the construction of a boat from a builder that is bankrupt and basically out of business?  If the buyer can’t finance the construction, and the builder can’t finance the construction, then it shouldn’t be built.
     

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