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Christensen Yachts loses control of assets

New-Build

Following a lawsuit filed recently by Christensen Financing and 50% owner of the Vancouver based shipyard, Henry Luken, a Clark County Superior Court judge has appointed a receiver to take over the Christensen Yachts’ operations and assets. The receiver has been named as Miles Stover, who has been given 30 days to provide all involved parties with a stake in the business. In addition, Stover will be given a 90 day budget to relaunch the shipyards construction operations.

The latest announcement comes following several months of reports of legal and financial issues at yard, the first of which were made in December of last year when the company announced they were working on a multipart ownership restructure. This was followed by Christensen halting production in February, turning all employees away at the gates.

President of Christensen, Joe Foggia, also filed with the Clark County Superior Court prior to this appointment. He opposed the appointment of a receiver and detailed negotiations with Westport Shipyards to acquire the build and the property it leases.

Stover now has complete authority to pay all of the company’s operating expenses. With the potential lack of funds to restart shipbuilding activities, Stover also has the opportunity to borrow money, the debt of which will be assigned to Christensen Shipyards.

By Gemma Fottles

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