Global Boatworks Closes on Sale of Luxuria
The builder of luxury floating vessels Global Boatworks Holdings announced that it has completed the sale of the Luxuria, the second sale of one of its luxury floating vessels.
The Florida based company said in a press release that the sale of the Luxuria allowed the Company to pay down the Company’s liabilities and eliminate convertible debt from its balance sheet.
Global Boatworks had entered into a Note Settlement Agreement with St. George Investments and Tonaquint Inc., lenders that had a secured interest in the Luxuria.
St. George and Tonaquint agreed to release their liens upon payment from the sale proceeds and an additional payment of $70,000 in September 2019. This agreement eliminates the last of the convertible debt on the Company’s balance sheet.
“The sale of the Luxuria has allowed us to clean up our balance sheet,” said Global Boatworks CEO Robert Rowe.
“The media coverage that the Luxuria garnered generated a lot of interest in the Company and our luxury floating vessels. We took the opportunity to sell the Luxuria now so we will be positioned to take on financing as needed to build additional vessels or fulfill orders as opportunities arise,” Robert added.