T&T: Seattle Grand Banks dealer closes its doors in bankruptcy

[Milt Baker]

I learned from a friend in the Seattle area that Passagemaker Yachts, the Seattle Grand Banks dealer, declared bankruptcy a few days ago and closed their doors. Their notice said they were unable to secure ongoing financing. My source, who is well connected in the yachting world in the Pacific NW, reported that Key Bank had recently exited the marine wholesale and retail lending business.  According to Grand Banks' corporate website (publicly traded on the Singapore exchange), the loss of Key flooring had affected "some" of their dealers. The Seattle GB dealer was reprotedly well run by very respected people in the industry, so the bankruptcy came as a shock, since it's a "mainline" company. 

--Milt Baker, Nordhavn 47 Bluewater, Key West