Goetz Trouble

The Biz

Goetz Trouble

We had heard that Goetz Custom Boats was in some trouble, caused in part by Irving Laidlaw’s R/P Wally 80 being halted by Laidlaw like halfway through construction. We talked to the fellas at Goetz, and we received the following. We hope like hell these guys make it. It would be not only awful for them, but bad for the industry.

Eric Goetz Custom Sailboats, Inc. has been petitioned into Receivership, effective 1/06/09. 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. In order to preserve its assets and to protect its workforce, the company laid off workers on 12/31/08 after having met its payroll and health insurance obligations.

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 semi-custom projects and high end commercial composite products. It is gratifying to note the support that has been received from staff, industry colleagues and customers.