DALLAS (2013) – White Rock Advisors, LLC (“WRA”) is pleased to announce it recently advised Knight & Carver Yachtcenter, Inc (“KCY”) of National City, CA on its sale to Marine Group Boatworks, LLC (“MGBW”) of Chula Vista, CA
KCY, founded in 1971, was at one time regarded as one of the finest full-service marine facilities in the United States, with a proven specialty in the repair and refit of megayachts. Located in National City on San Diego Bay, their leased facility includes a 90,000 square foot enclosed structure, as well as 1,400 linear feet of deep water dock space, capable of handling the world’s largest megayachts for extended stays. KCY was adversely impacted by the downturn in the economy of 2008 and were further affected by the loss of work associated with their dry dock which was a result of a nineteen month delay in obtaining various regulatory approvals. On March 12, 2012 KCY filed for Chapter 11 bankruptcy protections in the U.S. Bankruptcy Court, Southern District of California, Case No. 12-03440-LT11.
A team from WRA, led by Simon Martin and Greg Hext, advised management of KCY throughout the sales process. WRA was approved by the U.S. Bankruptcy Court on May 9, 2012 to represent KCY in the sale of the business. WRA held a public auction for the assets of KCY which were ultimately sold to MGBW as the high bidder. WRA successfully navigated KCY through several hurdles including regulatory agencies, third party claims, and complex bankruptcy hearings. The final sales price ultimately paid all secured creditor claims, priority claims and administrative expenses in full and released the owners from all personal guarantees and liens on their personal assets.
About White Rock Advisors, LLC
The White Rock Advisors team is located in Dallas, Texas. White Rock Advisors is an affiliate of Chapman, Hext & Co., P.C., which is a twenty-five year old financial services firm (www.chapmanhext.com) and through companies with which it is affiliated, provides complete auditing and tax services, wealth management, merger and acquisition advisory services, institutional private placements of equity and debt, restructuring and turnaround services and general corporate finance advisory services to companies with revenues or enterprise values ranging from $10 million to $500 million. White Rock Advisors serves as the investment banking arm of Chapman Hext and focuses on building long term value for clients through unbiased advice, access to the capital markets, and expert assistance in mergers and acquisitions.
For additional information please visit www.whiterockadvisors.com.
White Rock Advisors, LLC (“White Rock”) member FINRA/SIPC is a limited purpose broker dealer that provides a limited range of brokerage and financial advisory services. White Rock does not hold customer accounts, funds or securities, accept trading orders, engage in proprietary trading or market making. White Rock is engaged solely in advising companies and private equity funds on capital raising and corporate restructuring. This is not an offer or solicitation for brokerage services, investment advisory services, or other products or services in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the securities laws or other local laws and regulations of that jurisdiction.