Christensen News

Does appear a further increase in visibility of Ocean Alexander as well. Could be a very good relationship for both.

Christensen has closed its doors again... They say they will restructure and start up again..
They will try to reopen if they get more money. Feel sorry for all the owners that are stuck with the mess.

http://www.columbian.com/news/2014/dec/03/christensen-shipyards-ownership-flux/

I thought that they had several firm orders? I guess that is not the case.

If they actually resume operations by the 8th, which seems on the surface unlikely but certainly possible, then I would think there would be minimum impact. You do always wonder whether they were current on employee benefits, the impact with vendors etc. I wonder what role Ocean Alexander will have in this if any. There was a group looking on the East Coast for a location to build smaller OA's. Perhaps we'll know how this sorts out soon.

There is, as always, more to this than we know. It's not as simple as they make it seem in the release, but hopefully it goes smoothly and quickly. The part that doesn't make sense is that if you have a restructuring underway to be announced very soon, then there is no reason to close the doors even for a day. We'll see how it all plays out. And I don't feel that comfortable for those with work in progress as it's likely to be an asset sale and that doesn't protect them in any way.

An update that the announcement that was suggested would happen Monday didn't happen but there was a statement made that "The restructure will be much better for the company’s growth".

On the business side, the problems are hardly new. They had to turn to Luken to keep the doors open several years ago. They couldn't get materials and supplies at the time due to late payments. They spend $16 million on Tellico. They also liked to brag about their purchasers against confidentiality contracts which cost them a suit by Tiger Woods and a nice settlement. And they got involved with Renewable Energy Composite Products as a side business they hoped to grow equal to the boat side.

Then they made the deal with Ocean Alexander. Likely a bad deal financially in tough times to keep something to build but highly unlikely any money made on the build. Note that the OA was also an adjustable hull.

Well, obviously the reorganization they said should be wrapped up four weekends ago hasn't happened. Anyone heard any more?

I heard today that they are up and running. I can't confirm this, but trust the source to have a good idea what is happening in PNW boat building.

That's certainly good news. Perhaps they'll have an announcement soon.

Nice find!

Thanks for sharing.

But according to reports that is being done away from their main facility and the only boat being worked on. Everything else was again shut down. The gates to their main facility were shut on Monday.

http://www.columbian.com/news/2015/feb/09/gates-closed-christensen-shipyards-vancouver-wa/

Word on the docks yesterday is that Missing Link is looking for marina space to finish fitting out as Christensen has closed the doors. One of my dock mates saw a few suits at our harbormasters office looking for space.
I'll let you know if anything transpires.
-Greg