High-End Yacht Maker Seaway Yachts, Goes Bankrupt

The Kranj District Court launched bankruptcy proceedings at yacht design firm Seaway Design, a move that comes just a week after the affiliated production firm Seaway Yachts entered bankruptcy.

The bankruptcy was requested by Seaway Design boss Bogdan Topič, precisely because the production arm is in administration already. While the majority of employees have reportedly already left Design, all 49 workers at Seaway Yachts received notices in early March.

It is unclear whether the bankruptcy proceedings will allow the stories firm to survive given how interwoven the two firms are. Reports suggest Seaway has no shortage of orders, but it has been brought to its knees by crippling debt. The two companies owe EUR 16m to banks, EUR 7m to suppliers and close to EUR 2m to employees.

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Source Sloveniatimes ©