Pacific Northwest The assets of Nichols Brothers Boat Builders of Whidbey Island, which filed for bankruptcy protection late last year...
The assets of Nichols Brothers Boat Builders of Whidbey Island, which filed for bankruptcy protection late last year, have been sold to a company controlled by a Dallas private equity firm.
U.S. Bankruptcy Judge Samuel Steiner approved the $9.15 million transaction Friday.
Nichols Brothers CEO Matt Nichols, who remains with the company, said in a statement that the company expects to start rehiring workers immediately, increasing employment from 50 to 150 as it ramps up production of steel and aluminum vessels.
The company’s new owner is Ice Floe, a Nichols Brothers creditor in which Treadstone Capital Management of Dallas recently acquired a controlling interest. Treadstone says it specializes in investments in distressed companies.
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Nichols Brothers filed for Chapter 11 bankruptcy protection in November, saying it couldn’t borrow money to finance its operations because of pending lawsuits.
Ice Floe acquired only Nichols Brothers’ assets and isn’t responsible for its potential legal liabilities.
Commercial unit could be sold
Weyerhaeuser said it may sell its commercial construction sales business to focus on wood products for homes.
The commercial unit includes three factories in the U.S. and employs about 320 people, the Federal Way-based lumber producer said Friday. Weyerhaeuser didn’t say when it may complete the review.
Weyerhaeuser, buffeted by slowing U.S. housing construction and weaker demand for lumber, has been shutting mills and selling assets to improve profitability. Weyerhaeuser said May 4 it would consider selling its containerboard, packaging and recycling businesses.
Compiled by Seattle Times staff and Bloomberg News