Canadian builder emerges from bankruptcy

trade only today

 

Rossiter Boats, which was placed into bankruptcy in June, will restart production next week. The company said in a statement that it has found a new owner. Scott Hanson will resume the position of company president.

“We suspended production in early June and will resume again next week,” Hanson told TradeOnlyToday.com. “We expect to be back at full capacity by the end of the year.”

Hanson said the company ceased operations in June, primarily because of an industrywide shortage of outboards above 150-hp that prevented it from fulfilling orders. “There’s still an issue in terms of shipment dates,” Hanson said. “We have a significant volume boats in the plant without engines. But when engines become available at the end of the fourth quarter, we will ship those boats. This doesn’t curtail us from manufacturing boats in the meantime.”

The new owners have “insured” that Rossiter has a strong capital base to continue product development, said Hanson.

Rossiter, which sells in both Canada and the U.S., didn’t lose any of its 26 dealers during the bankruptcy period. Hanson said dealers traded completed boats among themselves to fulfill orders. “We’ve received new orders and are working to fulfill them,” he said, adding that the builder will have “no problem” delivering its smaller boats with outboards below 150 hp.

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