Nichols Brothers Resumes Work

Monday, December 10, 2007
Nichols Brothers Boat Builders returned to work after the company laid off 185 employees Nov. 2. Shortly thereafter, the company filed for bankruptcy protection, a move necessitated by a big lawsuit filed by a disgruntled customer.

While the bankruptcy issues are far from settled, Nichols Brothers was allowed to negotiate with individual boat owners to see that their projects, shut down on Nov. 2, could be completed. Those boat owners are now paying the workers’ salaries, as Nichols Brothers as a company is broke and is up for sale.

The rehiring process will continue as more existing contracts are placed online though negotiations with individual companies. The 54 workers brought back Monday are working on two tugboats and one catamaran already started, and another catamaran that’s ready to start.

Nichols said a repair job is likely to arrive this week, and more jobs are expected in the next few weeks. “

Representatives from the prospective boat yard purchaser, Ice Floe, based in Alaska, are scurrying around the facility on Holmes Harbor this week.

Ice Floe is owned by the Usibelli coal mining family, which has worked with Nichols Brothers for years. While they’re the likely purchasers and already put up some money to keep the boatyard afloat, Nichols said offers are also being solicited from other prospective buyers. The plan is for the Usibellis to purchase all the company assets, leaving the burden of the pending lawsuit by Hornbeck Offshore Services on the Nichols family.

The asset purchase, if approved by the bankruptcy court, would not immediately include the land that the boatyard sits on in Freeland, or the property in Langley where boats are outfitted and christened, but it may in the end be sold to the new owners Nichols said. Source: SeattlePI

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Transas to Supply TechSim Solutions to SUNY Maritime

The Navsim Services and Transas Americas Team, have been awarded contracts for supply of a combination of full mission, classroom and cloud based Transas Technical

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2628 sec (4 req/sec)