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Nov 2, 2008, 1:32 PM
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Government rescues Dehler Yachts
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Dehler may hope again
(Source - Die YACHT: http://www.yacht.de/yo/show.php3)
A bailout plan offered to the troubled German yard guarantees that production can continue. For now.
The government of the German state of North Rhine-Westfalia offered a bank guarantee to the ailing sailboat builder Dehler Yachts, the German magazine YACHT reported.
This move came on the heels of an audit of Germany’s third-largest builder of sailing yachts (behind Bavaria and Hanse AG). Only last January, Dehler went on expansion course when it acquired the Belgian Etap yard.
Dehler’s president, Wilan van den Berg, and his crew are bound by terms and conditions that are tied to this gurantee. A final audit will then determine Dehler’s eligibility for further financing.
Asked about the guarantees, van den Berg said, “We can continue [operations] at full speed and implement the current restructuring plans that were designed for the period from 2008 until 2010.” According to van den Berg, the backlog stretches to mid-2009 and there’s a prospect of 30 more orders from dealers if the financial troubles can be resolved.
For the time being, the crisis at Dehler seems to be under control, but it is not clear how the worldwide recession will affect the consolidation plans. How this development influences Dehler’s North American business, also remains to be seen. The company’s US representative, Jeff Papanek, could not be immediately reached for comment.
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