Thursday, July 09, 2009

PE takes helm at Mastercraft in TN

There's a new hand on the tiller at an East Tennessee boatbuilder: The KNS reports good news for MasterCraft in nearby Vonore, Tenn.: Minnesota-based Wayzata Investment Partners is stepping in to convert some debt to shares, to allow the company to resume operations and rehire some of its previously laid-off workforce. A year ago, there were 650 working at MasterCraft, and soon there'll be 218 back at work. An industry news source also reports on the accompanying restructuring, relations with vendors and other details.

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