25 September 2016

8 Jul 2015

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Following SuperyachtNews.com's previous reports on the fate of Christensen Shipyards, local news site, The Columbian, has reported that the sale and purchase of Christensen shipyard, via a court-ordered receivership process, has reached its conclusion.

The Clark County Superior Court judge approved the sale of all of Christensen Shipyards' assets to Henry Luken, who was originally a 50 per cent shareholder in the company. In a statement to the news outlet, Luken explained that operations at the yard would continue. At the time, the number of employees at the company stood at 90, with hopes to increase the workforce to 140-150 over time.

Receiver, Miles Stover sold all of the yard's assets, including machinery, software, trademarks and remaining contracts to Luken.The purchase includes Luken receiving $4.5million in intangible assets and $1 million in tangible assets and several contracts to be handed over the Luken whom, the article stated, has a firm grasp over the yacht building business.

The contracts include the construction and completion of hulls 36, 38 and 40 as well as a lease and a sublease between Christensen Shipyards and Christensen Group Inc., owner of shipyard real estate and a business centre lease between Christensen Shipyards and Hayden Corporation.

The company's previous board of directors included Luken, Joe Foggia and David Christensen. In the meantime questions are still being raised about how the yard was plunged into financial turmoil in the first place.

According to the news site, Luken is looking to operate two shipyards, Christensen Shipyards and one in Vonore, Tennesse, which is 95 per cent complete. In addition, Luken plans to see the Vancouver site build slightly smaller yachts, whilst the site in Vonore will be looking to build between 50m and 67m.

Profile links

Christensen Shipyards Ltd


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