Skip to main content

Gunboat International sold at auction

Gunboat International was sold at auction to GL Yachting USA and the sale is expected to close on Friday.

Gunboat International was sold at auction to GL Yachting USA and the sale is expected to close on Friday.

Principals at Grand Large Yachting, which consists of French builders Allures Yachting, Garcia Yachting and Outremer Yachting, reserved comment prior to the closing.

Documents filed in U.S. Bankruptcy Court in the Eastern District of North Carolina’s Greenville Division showed that GL Yachting USA Inc. had been named as what is called a stalking horse bidder — the best viable bidder that would eliminate low-ball bids.

The purchase price listed on documents declaring GL Yachting USA the stalking horse was a $500,000 cash component, plus credit bidding of secured claims and a waiver of unsecured claims, “as further described in the purchase and sale agreement.” The breakup fee was listed at $15,000.

The purchase and sale agreement was not immediately available in public court documents.

Gunboat filed for bankruptcy protection in November 2015, with former founder Peter Johnstone citing a “perfect storm of adverse business circumstances, mistakes and disputes.”

A list of the largest 20 creditors amounted to roughly $6,025,845 million in claims, although there were more than 100 claims in total. Company assets were listed at $1.1 million, and total liabilities were about $15.6 million, according to court documents.

Early this year, Johnstone stepped down to let COO Barry Carroll take over as president.

Related

CRUISERS

Industry Mourns Cruisers Yachts Owner

K.C. Stock, who was 84, was known for his “commitment to the employees at Cruisers Yachts.”

GRANDBANKS

Grand Banks Purchases Florida Property

The parcel, which is opposite the company’s Stuart yard, has berths for up to nine boats and will increase service capabilities.

LIMESTONE-Q3

Limestone Boat Co. Posts Q3 Results

Unit production was down compared with the second quarter, and revenues decreased 33%.

SIREN-YAMAHA

Yamaha Dealers Now Carry Siren Systems

Siren Marine’s “Connected Boat” technology can be purchased and installed at more than 2,100 Yamaha outboard dealers.

Northpoint

Northpoint Expands Marine Presence

Northpoint Commercial Finance has partnered with Elite Recreational Finance to offer retail financing.

BRP

BRP Reports 71% Increase in Q3 Revenues

The Sea-Doo manufacturer had total revenue of $2.7 billion, but North American marine retail sales were down 47%.

Airmar

Airmar Announces Training Dates

Certified Installer and SmartBoat system classes are being held this month in New Jersey and next year in New Hampshire.

Norm

The Survey Says …

Surveying customers to find out what they think about your business has never been more important.

1_MDI

Marine Development Inc. Changes Hands

Mick Webber, the former president/CEO and owner of HydroHoist, has purchased the company from its founders.