Goetz wins bid, reacquires company - Trade Only Today

Goetz wins bid, reacquires company

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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 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.

The payment, approved in State Superior Court, will be used to clear a $1.9-million loan Citizens Bank made to the company. Goetz’s new boatbuilding company will be called Goetz Custom Technologies, the newspaper reports.

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