The G4 flip in St. Barts last winter cost Gunboat more than a hundred grand and potentially millions in lost sales.
Dave Reed at the helm of a Sailing World RIB wrecking the same G4 in October’s Boat of the Year competition cost Gunboat around a hundred grand in cash and potentially millions in lost sales.
Alleged fraud from Hudson Marine (China) cost Gunboat millions.
The Rainmaker debacle and subsequent handling of existing orders definitely cost millions.
Add ’em all up and whaddya get? A bargain, possibly. Who wants some?
UPDATE: Peter Johnstone certainly doesn’t. The iconic Gunboat founder resigned all duties as of Friday.
Gunboat International, a manufacturer of luxury carbon fiber sailing catamarans, is headed to auction.
The motion in bankruptcy court comes after owner and founder Peter Johnstone, who is from a family of sailboat builders, filed for Chapter 11 restructuring in November.
Gunboat can entertain what is called a “stalking horse bidder,” according to court documents — a viable initial bid on the business that would seek to avoid low bids by other interested parties.
“The debtor seeks to sell the assets free and clear of all liens, claims, encumbrances, interests and any other rights,” said court documents filed in U.S. Bankruptcy Court in the Eastern District of North Carolina, where Gunboat is based.
Full details here.
