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Westbay Sonship yachts (in trouble)

Discussion in 'Westbay Sonship Yacht' started by tball, Dec 20, 2005.

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  1. YachtForums

    YachtForums Publisher/Admin

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    The following press release was received from West Bay SonShip's marketing director John Driver...

    ********************************************************

    February 2, 2006

    WEST BAY SONSHIP YACHTS OBTAINS COURT APPROVAL FOR RESTRUCTURING PLAN

    Delta, BC – West Bay SonShip Yachts Ltd. designs and builds some of the finest yachts in North America. The popularity of the company’s yachts over the last several years was aided by the tremendous buying advantage that US customers enjoyed due to the weakness in the Canadian dollar. In the last three years, however, the Canadian dollar has appreciated almost 30% in value compared to the US dollar. West Bay, like many Canadian manufacturing businesses exporting product primarily to the US, was faced with a daunting challenge brought about by such a rapid and substantial increase in the value of the local currency.

    On December 16, 2005 West Bay SonShip Yachts Ltd. filed an application in the Supreme Court of British Columbia seeking protection from its creditors pursuant to the Companies Creditors Arrangement Act (“CCAA”). An order was granted providing the company the time necessary to formulate a Plan of Reorganization for the consideration and approval of the stakeholders. The move to seek court protection was made voluntarily, and was done in order for the company to be able to deal fairly and equitably with and protect all of the stakeholders.

    On February 1, 2006 West Bay received the approval of the Court to proceed with a Plan of Reorganization that will permit the company to complete the construction and delivery of five yachts that were in various stages of completion when the Court’s protection was originally sought. The company is also developing a plan that will permit it to take on new yacht orders and service work without affecting the completion of the existing yacht projects.

    “With the assistance of the Court, our customers, employees and creditors we believe that the present short term plan will permit us to complete our production vessels and lay the foundation for security for our future customers,” said West Bay founder and chairman Ben Vermeulen. “West Bay is Canada’s leading yacht builder whose quality and commitment, and that of our employees, is second to none in delivering to our customers the very best yachts built in North America. West Bay remains committed to seeing its way through this time and to organize itself in the near future in such a way that our strengths will endure and that we will maintain our position as a leading yacht manufacturer.”

    “The Vermeulen family started this company nearly 40 years ago and we have been faced with many challenges and successes during that time”, added West Bay president Wes Vermeulen. “We are proud of our heritage, of our yachts, of the craftspeople who build them, and of the distinguished customers who own them. We appreciate the support of our customers, our employees and our suppliers during this time. Moving forward, we are very optimistic that beyond this stage of our CCAA filing there will be an even better West Bay SonShip Yachts through which our customers can realize their dreams.”

    Questions or comments may be directed to Wes Vermeulen, President, West Bay SonShip Yachts at:

    West Bay SonShip Yachts Ltd.
    8295 River Road, Delta,
    British Columbia, Canada V4G 1B4
    Ph: (604) 946-6226 • Fax: (604) 946-8722
    www.west-bay.comdreams@west-bay.com
  2. Hawk

    Hawk Senior Member

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    Hate to sound like a vulture but, rumor has it that there is an auction happening in Febuary to liquidate some or all of Westbays assets. Does anyone know any more details on this or even if this rumor is true.

    Thanks
  3. CODOG

    CODOG Senior Member

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    Mine too....
    ....and still is.
  4. Brian

    Brian Senior Member

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    I have heard from a Vancouver yacht builder that indeed West Bay has been liquidated a couple of weeks ago. I understood they were building the 50' with a bit of a skeleton crew, but not sure if it was completed.
    Does anyone out there know any more?
    Sad to see another one go down.
  5. J. Dunbar

    J. Dunbar New Member

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    Four weeks ago I met a guy named Pierre Van Eck, with a nice new business card with the West Bay Sonship logo on it and he said..........


    "West Bay factory in Vancouver is no more. They have a new factory that is in Northern China. It is not in the river basin that Marlow, Cheoy Lee, and some of the other builders that are now moved to China are using. They have gone to a Northern China facility where they now have molds for a 54, which a hull has been built; they are ready to produce a 63, a 72, an 81 and a 110 tri-deck. The 81 will be for sale for $3,650,000 fully equipped; the 110 tri-deck they are going try to market at $9,000,000 to compete with the Westport 112. The 110' tri-deck hulls #1 & #2 they are confident will sell in the mid $8M's with hull# 3 and beyond to go above $9,000,000."

    However if you go to www.west-bay.com and see their web site there is no mention of this?. He said The 110 tri-deck they would like available for the 2009 Fort Lauderdale Boat show and the 54 should be done by June of ’08. I have no idea what the price on the 54 will be.

    Can anyone add to this ?
  6. Brian

    Brian Senior Member

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    Wow, thanks for this info.
    It seems to be the thing to do now - close North American shops and open in China.
    I'm thinking also of Northcoast Yachts. Did'nt they just do the same?
    It sounds like West Bay has really hit the ground running over there.
  7. Spinnaker

    Spinnaker New Member

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    West Bay has a 110'-114' that will be finished as soon as it is sold. It now sits in shop 3. Shop 1-2 has been cleaned out and leased. This is where the boats 78' and below were built. As it is, refits and repairs are the order of buisness in Delta on River Rd. for now.
  8. Brian

    Brian Senior Member

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    Thanks for the info Spinnaker.
    Any idea to whom shops 1&2 are being leased out to and for what?
  9. Spinnaker

    Spinnaker New Member

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    I have no idea but the land that was purchased behind all the main buildings (shop5) has sold or leased also. I was told who now occupies that shop but cannot remember. I'll post more as I'm a good friend of thier only Mechanic.
  10. Spinnaker

    Spinnaker New Member

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  11. Brian

    Brian Senior Member

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  12. Spinnaker

    Spinnaker New Member

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    As an update to my previous post, it is Avcorp that has leased shop 1 and the new shop 5 was sold to Protech Equipment Movers. The 100' that is in shop 3 will be sent to China while the remaining 50'er is finished and is for sale.
  13. Spinnaker

    Spinnaker New Member

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    Atlantis yachts built a cat in the late 1990's call Sea Pussy. When I spoke to the owner of Lucky Sperm he told me how the name came about. Quite simple really. He inherited his millions.
  14. Brian

    Brian Senior Member

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    These guys must get some suprising replys when they're calling in to marinas with those names looking for berths!