cloud7
Well-Known Member
Is there any update on the position of Bavaria trading
Bavaria yachts
- Thread starter cloud7
- Start date
coopec
N/A
People are saying that Bavaria Yachts are bankrupt but that apparently is not true. In the US companies can file for "Chapter 11 Bankruptcy" which gives the company breathing space to sort out their financial affairs. (I think you'll find Ford, General Motors and Chrysler have previously filed)
In Australia companies cannot go bankrupt (no such thing) but they can go into Administration- maybe some assets are sold so the creditors can be paid out and the business continues. They may enter into a Scheme of Arrangement with the creditors- maybe issue shares to creditors in lieu of payment. (otherwise the company is liquidated)
From what I've read (in the last week) Bavaria is expecting to continue building yachts, they have an order book but they want breathing space to reorganize their finances.
Clive
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