M-O-A

Over the last couple of years, the Maxi Owners Association committee has had the privilege and generosity of Animatrix to discuss and hear of the plans for the future for Maxi and Najad yachts. You will have seen the evolution an amazingly strong management team and the advanced development of a new Maxi 11.

We have reported our confidence in the ownership and the huge investments they have been making in the business to overcome the previous financial position so it is with great sadness that we reproduce their statement of bankruptcy.

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

PRESS RELEASE: NAJADVARVET AB IN BANKRUPTCY

The board of Najadvarvet AB has today, Tuesday 9th August 2011, submitted a petition for bankruptcy to the District Court of Uddevalla. The Court has declared Najadvarvet AB bankrupt.

The company has suffered an major liquidity crisis due to its weak sales, misguided ventures of its former owner as well as the long-term decline in demand in the boat industry and the on-going difficulties on the financial markets around the world.

During the last 21 months, the new principal owner, Animatrix Capital LLP, has contributed substantive funds to the company. Less than 9 months ago, a major effort was made through a new, reinforced management. The new management has accomplished extensive increases in efficiency and rationalization of the company’s business operations. From the time of the Open Yards 2010, the company has managed to sell 42 boats, whereof 25 were new. However, during the spring of 2011 the sales have reduced substantially and the outstanding orders and prospects for the fall of 2011 are very limited.

The commitment of the employees and their will to contribute has surpassed all our expectations. Despite this commitment to save the company, the misguided ventures during 2006–2009 have caused the company severe and irreparable damage. Due to old disputes and conflicts with third parties as well as other problems, the extensive injections of capital have not been sufficient to save the company. For several years now the market segment for prestige yachts on the international market has for been characterised by strong competition, downward pressure on prices and poor profitability. During the spring of 2011 the market continued to deteriorate, and due to this it is no longer possible to run a profitable business. Therefore, the board of Najadvarvet AB sees no other solution than to file for bankruptcy.

“It is a very difficult and sad day for everyone at Najadvarvet AB, including employees, customers, suppliers and partners. We have turned every stone in our attempts to avoid this situation. Today, our last efforts have failed. The parent company is insolvent and therefore has to file for bankruptcy”, writes Mikael Gustavsson, managing director and group chief executive for Najadvarvet AB.

The decision was taken by the board at a point in time during the year when all sold and manufactured boats have been delivered to the customers, which means that a minimal amount of customers will suffer from the bankruptcy. The debts due to suppliers are at the lowest point of the year. All of the company’s very skilled employees have received their salary for July and the statutory wage guarantee ought to enter into force as to cover the salary payment in August.

“It is our hope that the efforts employed during the last period will lead to a continued operation of the entire or at least parts of the business” says Hans Johansson, chairman of the board of Najadvarvet AB.

 – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

You can view the full signed press release together with notes in pdf format here.

We have again been given an indication of the open approach to us by the business owner. He has described the relevant skills of the Swedish Receiver and the recognition of the Maxi business as a separate tidy business proposition within the whole and having a strong position with a new model almost ready to be launched. This however of course has to be seen in the light of the wider world business situation as well as the more recent threats to business investment.  The Maxi Owners Association must now consider how best to support our own yachts for the future. To this end we welcome correspondence using the access through our new website.

Yachting Monthly’s news website www.yachtingmonthly.com  reports that Najad, the Swedish parent company for Maxi Yachts, was declared bankrupt on 9th August 2011. This very sad news has come just when we were looking forward to a new exciting phase in the Maxi marque with the introduction of the Maxi 11 which is featured on the back cover of this year’s Cowes Yachting.

Yachting Monthly reports Mikael Gustavsson, managing director and group chief executive, as saying “It was a very difficult and sad day for everyone at Najadvarvet AB, including employees, customers, suppliers and partners.”  He went on to add “We have turned every stone in our attempts to avoid this situation. Today, our last efforts have failed. The parent company is insolvent and therefore has to file for bankruptcy.”

YM also spoke to Mike Jennings, the UK agent for Maxi since Najad took over the marque, who said “It’s a tragedy. The yachts are very, very good, but with the current exchange rate with the Swedish Krona things were getting very tight.”

The Maxi Owners Association understand the full situation is still emerging and very much hope that things may evolve.  However the whole boating industry, like many other industries, is struggling in the present global financial climate.

Some additional details can be found on Yachting World’s website at www.yachtingworld.com

We will give any further information as and when it becomes available.