Goetz files for Chapter 7 bankruptcy - Trade Only Today

Goetz files for Chapter 7 bankruptcy

Author:
Updated:
Original:

Bristol, R.I., boatbuilder Goetz Custom Technologies filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in Rhode Island.

According to court documents, filed last month, the company claims $950,000 in assets and about $3.5 million in liabilities. It lists nearly 100 creditors in its bankruptcy filing.

Last December, Goetz Custom Technology, owned by Eric Goetz, laid off its entire work force for the second time in 2009, as work came to a halt on an 82-foot racing sailboat at the center of a lawsuit, which is still pending.

The boat was being built for Aegir Racing Ltd., the legal entity created by a Scotsman who hired Goetz to build the Rogers 82 in August 2008 for more than $6 million. In October, Aegir filed a lawsuit against Goetz in U.S. District Court.

Aegir claims the boat has a structural problem, "in that some bulkheads and longitudinal beams have not been fabricated or installed in accordance with the plans."

Goetz denies that allegation.

In early 2009, Eric Goetz's former company, Goetz Custom Sailboats, was petitioned into receivership. However, he bought the assets back in a March 2009 auction and created a new company.

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 at the time of the announcement.

Goetz could not immediately be reached this morning for comment.

Related

Yanmar Brings Diesel Power to Wake Boat Segment

Engine manufacturer offers first fully integrated diesel option in partnership with Nautique.

GOST Unveils Updates Ahead of FLIBS

Marine security leader teases updated interface and more powerful satellite tracking antennas.

Virtual Edition of Metstrade Boat Builder Awards Announced for 2020

The awards will acknowledge challenges and resolve of the marine industry during the pandemic.

Mercury Marine and Beneteau Partnership Goes Global

Beneteau buyers around the world will now have Mercury for a power option.

Quick Hits: October 23, 2020

Brunswick pontoon facility earns award; Kemah Capital enters marine.

Brunswick Corp. Appoints New President

Aine Denari is an automotive industry veteran with vast experience in leading-edge mobility systems.

Menhaden Quotas Reduced

Sportfishing groups applauded the move, saying it will help rebuild the striped bass population.

Winnebago Reports Q4, Fiscal 2020 Results

Revenue grew 18.6 percent for the year to $2.4 billion.

Quick Hits: October 22, 2020

Tiara Yachts honors top dealers; Smoker Craft donates to MRAA; ICOMIA issues state of the industry.