SuperyachtNews.com - Business - Christensen shipyard in state of 'receivership'

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Christensen shipyard in state of 'receivership'

Joe Foggia, president of Christensen, has confirmed to SuperyachtNews.com the shipyard is back in under the guidance of Miles Stover of Turnaround Inc., with work underway on two builds and a decision on financial investment to be made within 90 days.…

Following speculation as to the state of affairs at Christensen shipyard, president of the Vancouver-based yard Joe Foggia confirmed to SuperaychtNews.com that the yard is in a state of receivership and is up and running once more.

For a number of months there was a media blackout surrounding the yard, with little information available. SuperyachtNews.com can now confirm that Miles Stover of Turnaround Inc. has been named as the receiver of Christensen Shipyards. “Mr. Stover is duly qualified and works well with all parties,” explained Foggia. “His primary goal is to get Christensen in a better position to move forward.”

Foggia confirmed that, under the guidance of Stover, the yard is back in business, with approximately 75 of what he called “the core employees” working at the shipyard on the two superyachts in build – the 50m Silver Lining and the 49m Chasseur.

The 42m Missing Link was delivered from the shipyard in February and in addition to the above-mentioned builds, Foggia stated that the following projects are underway at the shipyard: 50m 2GES, 50m Star 1 Project, 50m Deputy Dog and two Ocean Alexander 37m projects.

Other media publications have speculated that Westport Shipyard is looking to purchase the shipyard, however Foggia confirmed there is nothing has been decided. “We have had discussions. Nothing firm. We are working with potential investors for the shipyard and our goal is to finalise within 90 days,” Foggia clarified.

SuperyachtNews.com will provide an update as soon as more information is available.


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Christensen shipyard in state of 'receivership'

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