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Gordon · 22-08-2012, 14:12

Does anyone have news on Seawind. Have had some sad news this morning that they may be in trouble and the move offshore was too late to save them.
Factor?

Sand crab · 22-08-2012, 14:59

Did a Google news search and there it is. I guess that's Ozzie for bankruptcy.
Sail-World.com : Australia's Seawind Catamarans in voluntary administration

FLLCatsailor · 22-08-2012, 15:06

That is a far cry from the claim by someone last week that they sold 5 boats at the last australian boat show...

Thats a shame that they arent able to survive in this market.

dirkdig · 22-08-2012, 15:08

Sad day,but in reading it there is light at the end of the tunnel with Corsair continuing to build seawinds

Sand crab · 22-08-2012, 15:12

Here's that article on the 5 boats sold. Google news again.
BYM Product and Industry News

FLLCatsailor · 22-08-2012, 15:22

Quote:

Originally Posted by Sand crab

Here's that article on the 5 boats sold. Google news again.
BYM Product and Industry News

I hadn't seen that... Something doesn't add up... A small builder like seawind taking 5 new orders should be hiring not filing...

Factor · 22-08-2012, 15:24

Quote:

Originally Posted by Gordon

Does anyone have news on Seawind. Have had some sad news this morning that they may be in trouble and the move offshore was too late to save them.
Factor?

I cannot speak for the financial situation of the company, I simply dont have that level of inside knowledge. I own a Seawind and love it and that lead me to being their Brisbane agent. Having said that, the stupidly high Aus dollar has lead to many many many manufacturing shut downs in Australia. But the details of the finances are certainly not in my knowledge.

Quote:

Originally Posted by Sand crab

Did a Google news search and there it is. I guess that's Ozzie for bankruptcy.
Sail-World.com : Australia's Seawind Catamarans in voluntary administration

Ah no its not Aussie for Bankruptcy. Its voluntary administration.

Quote:

Originally Posted by FLLCatsailor

That is a far cry from the claim by someone last week that they sold 5 boats at the last australian boat show... Thats a shame that they arent able to survive in this market.

Maybe a far cry, but that was the truth. As for survival, that remains to be seen, the administration period is about structural and debt issues. Hopefully that will be worked out and the Vietnam side of the business will power on.

Quote:

Originally Posted by dirkdig

Sad day,but in reading it there is light at the end of the tunnel with Corsair continuing to build seawinds

Too true.

You know I never took any joy in others demise, I was deeply saddened when Perry closed, nice bloke building nice boats. Not as saddened with Tasman, but disappointed none the less. What I didnt do was have a public happiness over their demise. Same as I dont have a public happiness over photos of delaminated and massively osmotic french cats, I dont spread that stuff. So I am sort of disappointed that a Leopard broker is keen to sink the boot in prematurely.

Anyway, we will see what happens, if it works well I will still be here. If not I will still be here sailing and enjoying my boat, I just might have to get a real job though.

I wont have any more to say on the subject until we see the result of the Voluntary Administration. What I have to say would just be speculation. Sp best I put my position now to you all and then STFU.

Sand crab · 22-08-2012, 15:25

I wonder how much percentage of the purchase price one writes when placing an order. It may be too little too late.

FLLCatsailor · 22-08-2012, 15:44

For us ignorant americans what exactly is voluntary administration?

It really is a shame. I don't personally care for the design, but they were definitely unique boats...

dirkdig · 22-08-2012, 19:37

Its when a specialist accountant type is apppointed by the owner to go thru things and see what options there are.

Sabbatical II · 22-08-2012, 20:07

Quote:

Originally Posted by FLLCatsailor

For us ignorant americans what exactly is voluntary administration?

A company can be put under administration in Australia by either a debtors petition or by voluntarily by the directors. I think that the company enjoys the same relief from it's debtors either way. The aim of administration is to allow the business to trade for a period without having the burden of it's past debts. During this period an assesment can be made as to the viability of the business and decisions can be made about capital injection, restructure or sale of the business as a going concern rather than winding it up and auctioning off the assets which are usually minimal by then. I know of one business that is now very successful that survived voluntary administration. It is a positive step for employees and subcontractors provided that you weren't owed money before the order became effective. Voluntary administration does attract a lot of scrutiny for the directors to ensure that they haven't diverted business funds elsewhere before the demise. Voluntary administration doesn't necessarily mean that the end is nigh. It may mean that they can wriggle out of arrangements made during better times and that they can restructure the business to reflect the current economic climate. Let's hope so.

Dragon Lady · 22-08-2012, 20:08

Hi Factor,

sorry to hear the news.

That's tough for all the guys in Wollongong, but this is the way a lot of Aussie companies are going now.
I note that the offshore group are not effected so the Seawinds will still be available in the 100XL and 1160 models.

cat man do · 22-08-2012, 20:19

My addition in red.

Quote:

The Australian arm of Seawind Catamarans, including Seawind Group Holdings Pty Ltd was placed into voluntary administration as of the 17th of August, 2012.

Despite Seawind’s best efforts to keep the Australian based manufacturing operating during the last three years of global economic turmoil and the high Australian dollar, ultimately it has been unable to continue business under its former structure and is now under the administration of BRI Ferrier, Chartered Accountants.

BRI Ferrier has advised that its principal role is to take control of the Seawind companies and to conduct an urgent assessment of the financial position of these companies with a view to developing realisation and/or reconstruction strategies for the benefit of all stakeholders.

The three remaining Seawind 1250’s being built in Australia will be finished under a manufacturing license using many of the same skilled shipwrights and tradespeople who were previously building the Seawind 1250 under the Seawind Group.

The Seawind management and Director are resolved to complete these boats in accordance with the customer’s contracts.

Corsair Marine (Vietnam) is unaffected by the administration process and will continue building the Corsair range of performance trimarans, plus the Seawind 1000XL and the Seawind 1160 catamarans.

Business will continue on as usual for Corsair Marine and it is hoped that the administrators will work through delivering Seawind back to business as usual in the not too distant future also.
Sail-World.com : Australia's Seawind Catamarans in voluntary administration

Sabbatical II · 22-08-2012, 20:28

No, not true. They may be about to, or hopefully the administrator may be able to find a way to restructure the company without the burden of it's debts to forge a leaner organisation more suited to today's market. Let's talk up that possibility first!