New Zealand Yachts’ refit reprieve...

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New Zealand Yachts’ refit reprieve...

Industry News

Despite having been placed in receivership in Novemeber 1, following loan defaults to Caterpillar Financial New Zealand, New Zealand Yachts is still very much in business.

JANUARY 2010

We understand the company will continue to trade without an infusion of cash and has only lost one job at the Whangarei factory, according to Paul Sills from Auckland-based law firm Hornabrook Macdonald, who has been appointed by Caterpillar as receiver and manager.
“It is hoped the local marine industry will support the ongoing operation of the refit business as the company in receivership works to establish itself as a premier destination for refit or maintenance work in the South Pacific,” says Sills.
New Zealand Yachts was founded in 2001 by Allen Jones, with promises to create up to 1,000 jobs within five years and turn Whangarei into a ‘superyacht city’. The company only built one yacht before reinventing itself as a refit yard.
Jones has since returned to the USA. His son Damon Jones has been working as the company's marketing and sales manager, with Martin Gleeson as general manager.
Sills said current management of the yard would continue with Gleeson reporting to him. He said the timeframe for recovery was unknown, but the company had contracts ahead for work.

For more, www.newzealandyachts.com