Goetz Boats reorganizes after receivership filing
11:45 AM Fri, Mar 06, 2009 | Permalink
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PROVIDENCE, R.I. -- Eric Goetz has retained ownership of his world-famous yacht building company after placing the sole bid on its assets during a court-ordered auction this morning. Goetz bid $540,000 for the holdings of Goetz Custom Sailboats, the Bristol company he headed that filed for receivership in January after an international client stopped making payments on a multimillion-dollar contract for a racing yacht. The payment, approved by Superior Court Judge Michael A. Silverstein, will be used to clear a $1.9 million loan Citizens Bank made to the company. Citizens still holds a $4.3 million mortgage on the two properties used by Goetz. The new boatbuilding company will be called Goetz Custom Technologies. 
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