Gunboat Sold at Auction

Gunboat International was sold at auction to GL Yachting USA, with the close of the sale expected to come on Friday. GL Yachting consists of Allures, Garcia, and Outremer Yachting.


From Trade Only: "The purchase price listed on documents declaring GL Yachting USA the stalking horse was a $500,000 cash component, plus credit bidding of secured claims and a waiver of unsecured claims, 'as further described in the purchase and sale agreement.' The breakup fee was listed as $15,000." A list of Gunboat's creditors totals more than $6 million, while company assets are listed just over $1 million. Total liabilities are $15.6 million, all according to court documents. Gunboat had over 100 creditors. Gunboat filed for bankruptcy back in November, and its founder and president Peter Johnstone stepped resigned back in January. In North Carolina, 60 people are currently employed and six vessels are currently under construction.