Pacific Seacraft

Pamlicotraveler · #1 (**permalink**) 08-10-2007

I saw this new wire this AM. I guess it doesn't look good for them....especially where it says they "failed to list one of its largest unsecured creditors, who is owed $775,000."

http://www.thelog.com/news/newsview.asp?c=222410

sailingdog · #2 (**permalink**) 08-10-2007

They may still be negotiating with that creditor... only time will really tell what happens to PSC in the long run. I just hope that anyone who had an order in with them and already paid money down on a boat gets their boat or the money back.

TSteele65 · #3 (**permalink**) 08-10-2007

Failing to notify the trustees of any unsecured debt, let alone one that large, is a big no-no, even if they are under negotiation. This ain't good.

camaraderie · #4 (**permalink**) 08-10-2007

It is over...let's remember this is SAGA and PSC. Hopefully someone will buy the molds and keep the designs alive but it is clearly not a good time for quality boat builders.
Hope no one here has any money down with them.

sailing320 · #5 (**permalink**) 08-11-2007

"Camaraderie" Why do think it is over for Pacific Seacraft!

bestfriend · #6 (**permalink**) 08-11-2007

Quote:

Originally Posted by camaraderie

It is over...let's remember this is SAGA and PSC. Hopefully someone will buy the molds and keep the designs alive but it is clearly not a good time for quality boat builders.
Hope no one here has any money down with them.

CS is on the way back, well that is if the economy holds out. PSC is very popular, keep your fingers crossed, maybe one day they will return.

Melrna · #7 (**permalink**) 08-11-2007

With the new bankruptcy laws that changed 2 years ago, the prognosis of a company coming out of it are less than ever. Congress change the laws after many companies that were somewhat solvent went into bankruptcy (Northwest airlines for example) to shed debt and restructure labor cost. Not declaring all debtors is a big no no. So I hate to say but it doesn't look good. I think it would be a huge lose for the sailing community if they went under. I am sure the other boat builders are smiling in particular Sabre, Valiant, IP and Caliber. If I had a cyrstal ball, it would say Valiant would buy the molds to round out their production line.