Friday, October 12, 2007

Pacific Seacraft sold for $85,000; moving to N.C.

Stephen Brodie, a North Carolina businessman, bought Pacific Seacraft Corporation for about $85,000 in a bankruptcy auction. The company filed for Chapter 11 protection in May, racking up over $3 million in debt to creditors with less than $250,000 in assets to cover them. In September, the bankruptcy court changed the Chapter 11 reorganization to a Chapter 7 liquidation.

Brodie's acquisition includes the trade name, which he is going to keep, several molds, tooling and equipment, and five hulls in various states of completion. He has transported everything to Washington, North Carolina, where his is converting an old textile mill into a ship-building operation.

Among the molds he purchased is the Pacific Seacraft 37, designed by the legendary W.I.B. "Bill" Crealock. A scaled-down version, the Pacific Seacraft 34, was also included.

Pacific Seacraft is the second high-end sailboat manufacturer to be sold this year. The Samuel L. Morse Company, manufacturer of the timeless Lyle Hess-designed Bristol Channel Cutter, was sold in July to Cape George Marine Works, Inc. of Port Townsend, Washington.

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