Bavaria Yachts reported insolvent

Bavaria Yachts reported insolvent

 

Apr 26, 2018

According to BOOT-online.net, Bavaria Yachtbau, the German sports boat yard for sail and motor boats, is insolvent. “According to initial information, the yard will be heavy in debt. The previous investors saw clearly for further continuation no chance of success and had no willingness to make additional capital available.

Bavaria’s huge presence made a splash at BOOT less than three months ago.  Photo: John Morris

“Yes, we have on Friday bankruptcy petition brought before the district court Würzburg”, now a Bavaria spokesman told Deutsche Presse-Agentur confirming the application for insolvency. A District Court had now to consider the application and can then initiate a preliminary insolvency proceedings.

Several hundred million EUR debt?

“The specific reasons for the insolvency, the Bavaria spokesman declined to comment. According to information but the shipyard is to be over-indebted with several hundred million EUR, the donors say apparently no way out and did not want to put more money into the shipyard.

“Bavaria Yachts 40 years of providing at the company location in Giebelstadt with up to 600 employees, motorboats and sailboats ago, ran in good years up to 3000 yachts off the line. A spokesman indicated the aim is to continue to build yachts. However, due to the high indebtedness it is allowed to be difficult to find suitable finance.

“Bavaria Catamarans (Nautitech) in French Rochefort is not affected by the insolvency and will continue to work normally.

Here is a link to a German-language news report on the company’s situation. http://www.ardmediathek.de/tv/Frankenschau-aktuell/Bavaria-Yachts-in-Giebelstadt-insolvent/BR-Fernsehen/Video?bcastId=14913732&documentId=51881478

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