Gunboat International sold at auction

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

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