21/08/2018
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Home > Daily News > Nauticat Files For Bankruptcy

Nauticat Files For Bankruptcy

Finnish builder ceases operations after more than 50 years in business

Nauticat Yachts Oy, based in Riihikoski, Finland, has filed for bankruptcy. Having produced high-quality yachts for decades, the company – originally founded by Pentti Siltala more than 50 years ago in Turku – has now ceased operations.

Nauticat was one of the most well-known producers of motorsailers in the world. Around 1,300 units of its best-selling model, the iconic Nauticat 331 (originally the Nauticat 33), have been built since its launch in 1968.

The total number of Nauticats delivered over the years exceeds 3,000 yachts.

Nauticat Yachts Oy, the name of the company since 2005, was for decades known as Siltala Yachts Oy. Kaj Gustafsson served as managing director since the early 90s, and was later joined by his sons Patrik and Martin as owners and part of the management since the end of the 90s.

After several tough years, Nauticat’s owners were forced to file for bankruptcy and the company was officially declared bankrupt by the Varsinais-Suomi district court on May 16, 2018.

Attorney Hannu Ylönen from Krogerus Attorneys Ltd was appointed as the estate administrator of Nauticat Yachts Oy’s bankruptcy estate.

“We have faced some hard years and serious difficulties in the same way that many other sailboat producers have experienced,” says ex-finance director Martin Gustafsson.

“The properties, including the factory, office, all moulds and the brand, are now for sale. We have kindly been asked to act as advisors to the lawyers handling this matter. The aim is to continue the production of Nauticats – but by whom and where, honestly we just don’t know that yet,” Gustafsson adds.

By Lars-Åke Redéen

Source: https://plus.ibinews.com/article/G3uyqB4M4tY/2018/06/06/nauticat_files_for_bankruptcy/