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West Bay SonShip Back In Biz...

Discussion in 'Westbay Sonship Yacht' started by YachtForums, Jul 5, 2006.

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  1. YachtForums

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    June 26, 2006

    WEST BAY SONSHIP YACHTS EMERGES FROM CCAA PROTECTION...

    Delta, British Columbia- Canadian luxury yacht builder West Bay SonShip Yachts, Ltd has successfully emerged from creditor protection and will continue building semi-custom luxury yachts. On Friday, June 23rd, West Bay SonShip gained Court approval from the Supreme Court of British Columbia for their Plan of Reorganization.

    On December 16th, 2005, under the Companies Creditors Arrangement Act (CCAA), West Bay SonShip Yachts, Ltd. obtained an Order that provided the company with protection from creditors until a proper Plan of Reorganization could be considered and approved by stakeholders. After months of working together with creditors and the Court, West Bay SonShip Yachts presented a Plan of Reorganization that was approved by both the stakeholders and the Court. As of July 1st, West Bay SonShip Yachts will be fully functioning outside the umbrella of court protection.

    The Vermeulen family, founder of West Bay SonShip, is pleased with the outcome of the proceedings and is eager to begin building new yachts for their clientele. “Our clients are like a part of our family, and we are extremely grateful and moved by the support we have received during this difficult time. We look forward to presenting our customers, vendors and employees with an even better West Bay SonShip Yachts going forward,” states Ben Vermeulen, Chairman of West Bay SonShip. With three yachts delivered over the past month, and two more set for a late July completion, West Bay SonShip looks forward to springing directly into new projects that will herald the beginning of a new era for the shipyard.