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Christensen News

Discussion in 'Christensen Yacht' started by Yacht News, Dec 24, 2009.

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  1. Yacht News

    Yacht News YF News Editor

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    Well length wise, "Venus" would be considerably larger than the CHristensen. She changed names yet her past website still is in operation?

    Scott Free
  2. Yacht News

    Yacht News YF News Editor

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  3. olderboater

    olderboater Senior Member

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    Does appear a further increase in visibility of Ocean Alexander as well. Could be a very good relationship for both.
  4. cheesey

    cheesey New Member

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    Christensen has closed its doors again... They say they will restructure and start up again..
    They will try to reopen if they get more money. Feel sorry for all the owners that are stuck with the mess.
  5. kkreicker1

    kkreicker1 Senior Member

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    I thought that they had several firm orders? I guess that is not the case.
  6. captholli

    captholli Senior Member

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    Christensen's order book is quite healthy, The majority share holder of Christensen is cashing in his chips after running into some difficulty with his core business Luken Communications. Google is your friend .
  7. Yacht News

    Yacht News YF News Editor

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    Wow, this is not good news at all! Owners with yachts in build there are in alot of trouble.
  8. olderboater

    olderboater Senior Member

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    If they actually resume operations by the 8th, which seems on the surface unlikely but certainly possible, then I would think there would be minimum impact. You do always wonder whether they were current on employee benefits, the impact with vendors etc. I wonder what role Ocean Alexander will have in this if any. There was a group looking on the East Coast for a location to build smaller OA's. Perhaps we'll know how this sorts out soon.
  9. captholli

    captholli Senior Member

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    Goes to show just how fragile yacht building is for the boutique builders that don't have the deep finances and resources of a Damen Group like Amels. Christensen is an attractive company for investment but the old saying that boat builders don't become rich by building yachts for the rich certainly applies to all but the truly solid northern European yards that have been in business for decades. I would venture to say that all the principals for vessels under contract have been in the info pipe and while they might be a bit nervous, none were taken by surprise by this restructure.
  10. olderboater

    olderboater Senior Member

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    There is, as always, more to this than we know. It's not as simple as they make it seem in the release, but hopefully it goes smoothly and quickly. The part that doesn't make sense is that if you have a restructuring underway to be announced very soon, then there is no reason to close the doors even for a day. We'll see how it all plays out. And I don't feel that comfortable for those with work in progress as it's likely to be an asset sale and that doesn't protect them in any way.
  11. olderboater

    olderboater Senior Member

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    An update that the announcement that was suggested would happen Monday didn't happen but there was a statement made that "The restructure will be much better for the company’s growth".
  12. olderboater

    olderboater Senior Member

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    On the business side, the problems are hardly new. They had to turn to Luken to keep the doors open several years ago. They couldn't get materials and supplies at the time due to late payments. They spend $16 million on Tellico. They also liked to brag about their purchasers against confidentiality contracts which cost them a suit by Tiger Woods and a nice settlement. And they got involved with Renewable Energy Composite Products as a side business they hoped to grow equal to the boat side.

    Then they made the deal with Ocean Alexander. Likely a bad deal financially in tough times to keep something to build but highly unlikely any money made on the build. Note that the OA was also an adjustable hull.
  13. olderboater

    olderboater Senior Member

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    Well, obviously the reorganization they said should be wrapped up four weekends ago hasn't happened. Anyone heard any more?
  14. Ken Bracewell

    Ken Bracewell Senior Member

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    I heard today that they are up and running. I can't confirm this, but trust the source to have a good idea what is happening in PNW boat building.
  15. olderboater

    olderboater Senior Member

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    That's certainly good news. Perhaps they'll have an announcement soon.
  16. Yacht News

    Yacht News YF News Editor

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    Saw this on youtube...

  17. AlfredZ

    AlfredZ Senior Member

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    Nice find!

    Thanks for sharing.
  18. olderboater

    olderboater Senior Member

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  19. gr8trn

    gr8trn Senior Member

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    Word on the docks yesterday is that Missing Link is looking for marina space to finish fitting out as Christensen has closed the doors. One of my dock mates saw a few suits at our harbormasters office looking for space.
    I'll let you know if anything transpires.
    -Greg