Vivian Industries Files Chapter 7

[Chris]

Another sign of the times I suppose - Vivian Industries files for Chapter 7 bankruptcy. Vivian owns the brand VIP.

http://www.boating-industry.com/output.cfm?id=1507375

[Cooperider]

Hmm.... Sounds like the Mayor should have kept his fingers out of it. He should have worked out a deal for the money owed to keep those jobs in town. Now he's SOL.



VIVIAN, La. – When the town of Vivian served boat builder Vivian Industries Inc. a notice in December that it had 30 days to sell the business or pay the more than $180,000 it owed the town, Mayor Stephen Taylor said he hoped this would speed up the Parker family’s negotiations with potential buyers.

But the mayor’s hopes didn’t come true. In fact, on Sunday, the company’s owners filed for Chapter 7 bankruptcy, according to an article today (http://www.boating-industry.com/”http://www.shreveporttimes.com/apps/pbcs.dll/article?AID=/20080303/BREAKINGNEWS/80303021”) in The Shreveport Times. And, ironically, now that the town owns the business, the mayor himself will now be continuing those negotiations, the newspaper explained.

“The VIP name has long been a source of pride for this community and the company has at times been the largest employer in the area,” Taylor told the newspaper. “The loss of these jobs will be a significant economic hardship to many skilled workers and to the economy of the area as a whole.”

Taylor added that the town would “make every effort possible to facilitate the resumption of production in the facility.”

[Chris]

Well, I guess he owns the company now!

I don't see to many VIP's around - just the odd one here and there.

[Cooperider]

What kind of sense does this mayor have? Speed up negotiations? Yeah, maybe for the worse. BTW, I've got 30 days to sell, or I have to pay $180,000.......... Really? Well, let me see what I can offer you, ummmm but I'll have to get back to you in a few weeks.

How the hell was that supposed to help out negotiations? Help out the new guy maybe, I'd be looking for a connection between the potential buyers and the mayor.

If I was the buyer, that would now be the last town, that I would move my business to.

[Chris]

Maybe I should add a VIP sub-forum? :D

Perhaps the mayor will join up! :rof:

[Cooperider]

Got an update for you.

I saw an add for the aution of Vivian Industries assets.

Sept 19th and 20th @ 9am.

Check out current auctions at this site. www.lawlerauction.com (http://www.lawlerauction.com)

I wish I had the money to get some of this stuff. Molds, plugs, parts, tools, materials, etc. Enough to make a guy like me sick.

I'd really love to have this set of molds.

http://forums.endlessboating.com/photopost/data/548/medium/vindicator.jpg

[Cooperider]

:brickwall:

http://forums.endlessboating.com/photopost/data/548/medium/vindicator2.jpg

[Cooperider]

Or even this one.

http://forums.endlessboating.com/photopost/data/548/medium/vindicator3.jpg

[Cooperider]

Or even a Bass boat.

http://forums.endlessboating.com/photopost/data/548/medium/vindicator4.jpg

[Cooperider]

:brickwall:

http://forums.endlessboating.com/photopost/data/548/medium/vindicator5.jpg

[Cooperider]

These guys must not have thrown anything away. Must have a room full of plugs going on the auction block.

I bet they go cheap.

http://forums.endlessboating.com/photopost/data/548/medium/vindicator6.jpg

[Cooperider]

I bet a lot of this stuff gets left behind, and trucked to a land fill.

[Chris]

Coop,

Can I put put those pics up in the gallery for safe-keeping?

The boating industry is really in a sad state of affairs. It sucks. If the price of gas doesn't come down, I think there could be a real shift on a permanent basis rather than just a short term restructuring. :o

I think people are still going to go boating, but I think fuel economy may change what they buy to float around in.

-Chris

[ultra cat]

They have rooms and lots full of molds; however, in the last few years @81% of their sales came from 5 models. Most of what they have is old and antiquated. They were in business for 40 years and didn't throw anything away. Just a few months, ago the city paid @ $60,000.00 to haul off junk, dozens of hull and deck molds and hundreds of small part molds that were obsolete. There still exist twice that many that should have been land-field as well. The company was is decline for the past 7 years and most everything is in advanced stages of disrepair and or obsolescence. Most of the equipment, tools, and molds are all in need of major repair are replacement. If the assets of the company were modern and in better condition someone would have already acquired them.
Incidentally, the city doesn't own the business, but they do own the property and equipment that is attached to the building.

[Chris]

Welcome aboard ultra cat. :thumb:

Thanks for the background info. :)

-Chris

[Cooperider]

Thanks ultra cat. I'm working for a company that has so far narrowly escaped this same fate.
We even just had a local company that got bought and moved. The stuff that got thrown away would break your heart.

Keep us posted if you hear anything more on this. I'll be checking back after the sale, to see what kind of prices this stuff went for.


Yes Chris move those to the gallery, and if you want, grab some more from the auction site. You might want to edit the pics I posted to link them from your gallery instead of hosted by the auction company, or we'll end up with some big Red X's down the road.

[remlinger]

The city may own the property and also may find themselves loosing even more than the 180,000 that was owned by vivian to them. They should have looked at the amount of people working under that roof and calculated if the jobs were lost would they loose residence whom also pay taxes and keep other companys in business.

And you wonder why jobs and businesses are moving away and out of their home towns and countries.

You can't blaim every thing on the gas prices. Detroit and Michigan are on a death spiral not due to gas prices but the cost of working in this state due to the overly agressive unions. It's great they set wages and job quality, however can you explain why it takes three people to paint a ceiling. A heavy equipement operator to run the lift, an electricial to remove the light shade and the painter to paint the ceiling and then in reverse to put it back. I worked in a union and I can't tell you how many busted butt until they were past probation and then slacked off, and could not get fired becasue they had a union stuart there to save their a$$. It's not all about gas prices it's about our lazy USA work ethics and lack of pride in what we do.

Thanks I'm off my soap box, it someone elses turn.

[Chris]

Coop - I'm going to create a gallery category for Vindicator, if you find anything else load 'em up. I'll load these ones up here as well.

remlinger - Unfortunately it never seems like we can find a happy medium does it? It's either the company rapes the employees, makes tons of dough and treats people like crap or it's the flip side and it's the union doing the same. Some things are dysfunctional unfortunately I suppose.

-Chris

[Cooperider]

Got an update for you.

I saw an add for the aution of Vivian Industries assets.

Sept 19th and 20th @ 9am.

Check out current auctions at this site. www.lawlerauction.com (http://www.lawlerauction.com)

I wish I had the money to get some of this stuff. Molds, plugs, parts, tools, materials, etc. Enough to make a guy like me sick.

I'd really love to have this set of molds.

http://forums.endlessboating.com/photopost/data/548/medium/vindicator.jpg


This set of molds went for $700

http://www.auctionflex.com/showlot.ap?co=6011&weventid=5730&weventitemid=2148713&wmaingroupid=0&wcatmastid=0&inventorytype=&minyear=1990&minmonth=1&minday=1&maxyear=2050&maxmonth=12&maxday=31&keyword=&lotsortorder=lotnumasc&pagenum=21&action=&lang=En

[Cooperider]

Or even this one.

http://forums.endlessboating.com/photopost/data/548/medium/vindicator3.jpg


This set went for $50!!!!!!!!

http://www.auctionflex.com/showlot.ap?co=6011&weventid=5730&weventitemid=2148720&wmaingroupid=0&wcatmastid=0&inventorytype=&minyear=1990&minmonth=1&minday=1&maxyear=2050&maxmonth=12&maxday=31&keyword=&lotsortorder=lotnumasc&pagenum=21&action=&lang=En

[Cooperider]

I might just have to go drinking. :sick:

[Chris]

Here's an update...

VIP is reopening and back in business again. :)

Caddco Manufacturing L.L.C. has purchased some of the former assets and plans to rehire 40 employees of the former company.

There are a few articles floating around about this, here is one link that has a pretty good article. :)

http://arklatexhomepage.com/content/fulltext/?cid=41661

-Chris

[Cooperider]

More than 40 new jobs are up for grabs in Vivian, Louisiana. Caddo Manufacturing, L.L.C. is opening the V.I.P. Boat Plant for business again. "When you think about Vivian, It is V.I.P.," said Tammy Harris. Last February, when V.I.P. closed its doors, nearly 50 employees were without work. "It kept everything together. When people lost their jobs, lots of business lost business because people at V.I.P. spent a lot of money," said Jesse Norman. The plant closed after 40 years. It put food on the table of hundreds of families. "My mother has worked in upholstery before, my husband has been in lamination-tooling for years here. It is going to mean a lot for the families of this town," said Harris. Harris will be working for Caddo Manufacturing, L.L.C. "It went to the bankruptcy court, we came in and purchased the assets that we needed as a corporation to begin building boats,' said Billy Breed, Caddo Manufacturing National Sales Manager. 40 people are being hired to start production again. Dozens showed up to apply tuesday. Jesse Norman worked at V.I.P. for 20 years. He was quick to put in his application. "It was exciting, I was ready to go back, getting lazy." Right now, a few employees are helping clean up the old plant by getting rid of trash that has been sitting for decades. "We have to start fresh, we have to show the people that it is a change," said Breed. With new owners in place, Vivian is once again back in the boat business. "We are the home of V.I.P. Deckliner and Baystealth boats, we are going to continue a tradition that was started by the Parkers 40 years ago." Officials hope to start boat production with in the next two weeks. They plan on producing at least one boat a day.

[Cooperider]

That is good news!!!

[Chris]

It's very good news. :)

It's nice to post a good news story for a change. :thumb:

Hopefully there will be lots of good news stories before too long. :)

-Chris