Ten Things You Didn’t Know About Custom Yacht Works Ltd – custom yacht works ltd
Christensen Shipyards, the Vancouver-based architect of custom yachts, appears to be disturbing to pay its bills.
On Dec. 3, as rumors broadcast of a acting cease and layoffs, the aggregation issued a account saying, in part, that it was “currently alive on a multipart buying restructure.”
At the time, answers were few.
Since then, however, at atomic one of Christensen’s suppliers is anxious it won’t get paid for architecture abstracts it provided, accessible annal show. Likewise, addition creditor, Umpqua Bank, is afraid about accepting what it’s owed.
Meanwhile, belief continues about the role Henry Luken — the deep-pocketed Tennessee agent and broker in Christensen — may be arena in the buying changes.
In an email Monday to The Columbian, Joe Foggia, admiral of Christensen, said an estimated 50 workers are on acting blow and that “we are appetite to accompany them aback as assignment allows.” He said Christensen will pay its suppliers and the bank.
“Like all businesses, abnormally our blazon of business,” Foggia said, Christensen “has approved apropos with banknote flow. With over 300 employees, this is accepted in ample architecture projects. Projects alpha and stop consistently due to economics, apple events, disagreements, changes in life. For example, if we accept a chump who fabricated their money in oil, added than 50 percent of their abundance would be absent in the aftermost several months. Their yacht actuality congenital would be the aboriginal affair to stop. We accept to antithesis this.”
The aggregation has “nine altered projects in assorted stages,” Foggia said, with costs alignment from $20 actor to $45 million. As to Christensen’s restructuring, Foggia said: “Methodically ongoing. No authentic time frame.”
The company, which already awash a yacht to Tiger Woods, has ahead affected banking headwinds.
A September 2011 adventure by The Columbian illustrated Christensen’s accretion afterwards the all-around bread-and-butter blast affected it to abandon workers and to arrest architecture on a additional shipyard in Tennessee.
Part of the company’s backlash came by way of adopting the attempt of angular accomplishment to a circuitous abode that includes accomplishment carpenters, stone-workers, metal smiths and upholsterers. At the time, Christensen believed it could accomplish at abounding accommodation with about 250 advisers — beneath than bisected its pre-recession aiguille employment.
In February 2014, the aggregation issued a columnist absolution announcement a $36 actor arrangement for the architecture of a 164-foot custom yacht. “Currently, as the nation’s better ambassador of motor yachts over 120 feet, about 90 percent of the arrangement amount goes into payroll, bloom care, bounded and American fabricated materials, goods, services, bounded and federal taxes,” the aggregation said. “Christensen currently employs 380 full-time jobs, and potentially will appoint 100 added advisers activity through 2016.”
Foggia said the aggregation now has amid 300 and 350 employees.
One of Christensen’s suppliers, FarSounder Inc., a Rhode Island-based aggregation specializing in aeronautics systems, said it hopes the aggregation works through the accepted turbulence. “I do achievement for the best for Christensen,” said Cheryl Zimmerman, CEO of FarSounder, “as they accept been a fine, affection yard, and what the U.S. needs in adjustment to accumulate its duke in the shipbuilding industry.”
Questions about Christensen’s approaching alike on Dec. 3.
That’s back the company, responding to questions from The Columbian, issued the afterward account through Mike Bomar, admiral of the Columbia River Bread-and-butter Development Council: “The lath of admiral at Christensen Shipyards Ltd. are currently alive on a multipart buying re-structure which should be completed in assumption by this weekend. Operations should arise the anniversary of Dec. 8.”
Operations did alpha up again, but questions about the company’s bloom didn’t go away.
Some of the company’s creditors filed notices in December and January beneath the Uniform Bartering Code, which governs bartering affairs including sales of appurtenances and negotiable instruments.
The filings don’t necessarily beggarly article bad will happen. But parties affair them to put others on apprehension that they’re claiming an absorption in addition party’s property, usually as accessory for a debt. The notices about absorb ample accounts.
On Dec. 24, Stellar Industrial Supply fabricated six antecedent bartering cipher filings, according to the Washington Department of Licensing. The filings, which name Christensen as a debtor, account assorted “motor yacht” hulls as collateral. One filing, for example, flags “Motor Yacht Hull No. 41 and any and all improvements.”
Christopher Allen, an advocate with the Tacoma law close Morton McGoldrick who filed the notices on account of Stellar, said “we are asserting liens” on boats beneath accompaniment law. “We appetite to be able to say we accept a anchored absorption in those vessels,” he said.
Allen said the filings “should not be apparent as adversarial” and that Christensen charcoal “a admired customer.”
Stellar’s notices came a day afterwards agnate bartering cipher filings were fabricated by Hyak Electroworks, based in Vancouver. The aggregation beneath to comment.
More recently, Umpqua Coffer stepped into the situation. On Jan. 23, the bank, application California-based CT Lien Solutions as its filer, issued two antecedent bartering cipher notices allotment Christensen as a debtor. Among the items listed as accessory by the bank: a abyssal barometer device, a machining accoutrement “including Murphy Rodgers Dust Collector,” and a Kyocera blush copier.
Responding to the bartering cipher filings, Foggia said: “We accept onsite vendors and bell-ringer managed account as such with Stellar Industrial Supply. These abstracts and accessories are actual big-ticket because what we build. It is accustomed to accept UCC filings in this case. In agreement of Umpqua bank, it is afresh accustomed for accessories financing.”
Meanwhile, addition catechism lingers: Where does Luken, an broker in Christensen who fabricated his aboriginal affluence in the telecom industry, angle in all of this?
A adumbrative of Luken, accomplished by buzz at Luken Holdings, his Chattanooga-based absolute acreage company, said Luken beneath to comment. In November 2010, the Knoxville News Sentinel appear that Luken and Christensen planned to chase through with achievement of a $20 actor shipyard on Tellico Lake.
However, the Tellico Lake ability “was put on authority back the abridgement and appeal for ample yachts went down,” Ron Hammontree, controlling administrator at Tellico Reservoir Development Agency, said aftermost week. “I accept heard annihilation about the shipyard affective advanced at this time.”
In responses to questions from The Columbian, Foggia declared Luken as a “partner, adviser and lath affiliate back 2003.” Asked what allotment of the aggregation Luken owns, Foggia said Christensen is a abreast endemic aggregation amid Christensen family, Foggia, who is the stepson of aggregation architect Dave Christensen, and Luken.
As to Luken’s role in the restructuring of Christensen’s ownership, Foggia wrote in his email: “Partner/Advisor/Board Member.”
Asked whether Christensen is gluttonous to be acquired by addition company, Foggia said: “We are alive on a assumption plan for the Christensen family.”
In anecdotic the company’s accepted banking bloom and outlook, Foggia said, Christensen is “moving advanced to become stronger every day” and “working to added clarify processes and balance banknote breeze aural our control.”
Foggia additionally acclaimed Christensen has “currently been launching” a new custom alternation yacht that “boasts about bifold the aboveboard footage of any antagonism in the apple at about 8,000 (square feet).”
Christensen has added than 180,000 aboveboard anxiety of accomplishment amplitude and a 7-acre marina, according to the columnist absolution it issued in February 2014. The aggregation congenital in July 1985 to body affluence yachts and, by 1986, had its own ability and cast to body hulls, according to its website.
Company founder, Dave Christensen, retired in 2009.
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