Tough times at Goetz - Trade Only Today

Tough times at Goetz

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Eric Goetz Custom Sailboats, of Bristol, R.I., was petitioned into receivership, effective Jan. 6.

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, according to the company.

In order to preserve its assets and to protect its work force, the company laid off about 30 workers Dec. 31, after having met its payroll and health insurance obligations. The company employs about 72 people, according to general manager Guy Gauvin, who spoke with Soundings Trade Only this morning.

“We continue to work on ongoing projects, while Eric Goetz is working with several lenders and investors to put together a group and obtain funding to purchase the assets of Eric Goetz Custom Sailboats Inc. and/or to create a new company to continue in the custom boat market, and to develop other marine related semicustom projects and high-end commercial composite products,” the company said in a statement.

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