By summertime, the company formerly running Christensen Shipyards should emerge from receivership, after nearly two years. This follows a judge’s decision last week to allow distribution of about $6 million to companies and individuals with claims.
To be clear, the receivership affects Christensen Shipyards Ltd., which ran the Washington State builder from 1983 to March 2015. Financial troubles became public in December 2014. Three months later, the superior court of Clark County placed the company in receivership. Christensen Shipyards LLC acquired its assets for $5.5 million and has been running the yard since July 2015. Last year, it launched and delivered two yachts whose construction halted during the financial strife.
Since summertime 2015, the receiver has been reviewing and negotiating more than 600 total claims, according to court documents. The receiver also reserved the above-mentioned $5.5 million, along with another $600,000, to settle those claims.
The judge’s ruling last week now clears the way for the total $6.1 million to begin distribution to creditors. The Columbian, a Washington State newspaper, quotes the receiver, Miles Stover, as saying, “If you have any experience in this world, this was a very successful case.” He adds that the receivership of Christensen Shipyards Ltd. should finally end in about two months.
Tiffany Couch, the forensic accountant appointed to the case, tells the newspaper that the claims come from a broad spectrum of companies. Some include hot-tub manufacturers and Armani chair suppliers. Court records further reveal that some unsecured creditors will receive partial payments.
When reached for comment, Jim Gilbert, president of Christensen Shipyards LLC, said that the owners and management team are pleased the creditors of the old company will benefit. He adds that the yard now has about 115 employees. This is up from the initial 70 workers hired upon takeover in 2015. Furthermore, Gilbert says, Christensen wishes to hire additional craftspeople. The yard has two yachts in build, with the next launch set for summertime 2018.