Page 632 - Demo

Brooklyn,- - incr n Q f i t i i l S i o n s A o r p p m p r i t F a r Q o l oBY TRACY GARRITYCoastal Dry Dock and Repair Co., whichfiled for protection under Federal bankruptcy laws in May, has signed an agreement inprinciple to be acquired by Bath IronWorks, of Bath, Maine. The agreement wassigned September 12, although most of thedetails remain to be ironed out.%u201cWe have a deal in principle,%u201d says Vincent Montanti, vice president of the familyowned ship repair concern at the BrooklynNavy Yard. %u201cWe have a letter of intent thatwas signed last week, and right now we aretrying to shave off some time from the datethe plan will be in effect.%u201d According to theterms of the agreement, Coastal would beacquired by Bath Iron Works by midJanuary. Montanti hopes to speed up theprocess so that the new owners will be inplace by December 15. %u201cWe want to push itup a month so we don%u2019t go into the newyear,%u201d he says.While Montanti agrees that Coastal hadfew options open to stave off bankruptcy, hehas mixed emotions about the acquisition.%u201cWe%u2019ve put our life%u2019s blood into this company,%u201d he says, %u201cas well as millions ofdollars. I think it%u2019s in the best interest of allconcerned, but I have mixed emotionsabout the new ownership. This has alwaysbeen a family company.%u201dMontanti says most of the details of theagreement are still under discussion andshould be worked out by the end of themonth. %u201cWe have informed all of the partiesof the acquisition,%u201d he says, referring to theBrooklyn Navy Yard Development Corporation, the company%u2019s union locals and bothsecured and unsecured creditors. %u201cBut wehave not worked out the details. %u201cAs part ofth p a f l r w m o n t th o n p w f w n n r a t i n n w ill-----%u201c O----- --------- * - %u00bb ------5-.. ------r ------------- fTU.have to negotiate a new lease agreementwith the Navy Yard Development Corporation, as well as with the unions. %u201cThosenegotiations are barely underway,%u201d he says.%u201cBut I would hope they would be concludedwithin two weeks.%u201dBath Iron Works was recently acquiredby Gibbons Greene, an investment groupwhich bought it from Congoleum. Montantisays that most of the employees andmanagement will remain the same at thefacility, regardless of ownership. %u201cBathwants a complete corporation,%u201d he says.%u201cRight now it seems that little will change.It%u2019s really in the best interest of both partiesto keep die management the same.%u201dMontanti is unsure about his family%u2019s roleunder the new management. %u201cI really can%u2019ttalk about our personal dealings,%u201d he said.%u201cThe future is unclear at the moment.%u201dCoastal filed for bankruptcy protection onMay 15 listing assets of $36.5 million;liabilities of $31.5 million. Secured debt is$10.6 million; taxes owed are $3.8 millionand other liabilities include $17.5 million.The ailing company also stated it was owed$12.5 million by the U.S. Navy for work performed on Naval vessels.Under the bankruptcy laws, Coastal hascontinued financial negotiations with theNavy Yard, its landlord, and recentlyturned over a warehouse to be used by aJapanese firm to build rail cars. The NavyYard tops Coastal%u2019s list of creditors with $1.5million in debts outstanding and an additional $1.2 million in dispute. The Navy Yardhas ceased court action pending the outcome of the acquisition negotiations, andwill now negotiate with the new owners.%u201cWe have made everyone aware of ourprogress,%u201d says Montanti. %u201cThe next step isto work out the details with the Navy Yardand the unions.%u201dCHALLENGE: Generating resources for business growthMarineMidlandis expandingi n Q u e e n s to meet the c h a l l e n g e s o f expanding yo u r business%u2019.%u2019Richard Kulbieda, Vice President, District HeadAt Marine Midland Bank, we re proud to announce the openingof our new Queens Commercial Banking District Office in RegoPark. The office symbolizes our commitment to the Queensbusiness community and provides a dynamic new resource foryour company%u2019s financing needs.Marine Midland brings you the resources of a worldwidebanking network with over 150 years%u2019 experience in meetingbusiness challenges.We offer below prime rate economic development loans,fixed rate commercial mortgages, working capital loans, cashmanagement services, and foreign exchange transactions. Wealso provide a wide range of investment banking services%u2014including mergers and acquisitions, leveraged buyouts, privateplacements, and interest rate and currency swaps.Make Marine Midland a part of your corporate growthstrategy. Call us today. Or stop into our new Queens office. Tellus the challenges your company faces. We%u2019ll show you how toturn them into opportunities.Turning Challenges into Opportunities.M A R I N E M I D L A N D B A N KMETRO G R O U PRichard Kulbieda Thomas DeFilippe Robert McPhillips V ice President Assistant Commercial BankingDistrict Head Vice President OfficerQueens Commercial Banking District95-25 Queens Boulevard Rego Park, NY 11374 (718) 897-8500Marine Midland Bank, N.A , member F D ICJ O I N T H E R E D H O O KT R A N S P O R T A T I O NFAM ILY%u201cWe get it there yesterday.%u201dPlease allow me to introduce you to Red Hook Transportation. A reliable, respectable family business for ten years, which I am proud to say is expanding. At this time we are extending our services to you.We are a tri-state area trucking company, highly qualified, known for our personalized service of any situation in the transportation field. A field where dedicated service is a must in order to grow.I would also like to point out an important factor. Red Hook Transportation has found that through the years our expansion has grown not only from large shipments, but small shipments as well. So we feel that under no circumstance shaii any shipment be treated differently.Our contact with the piers over the years have also helped us establish a good rapport, to have the freedom to give you quick dependable service, at any price to fit your individual needs.Rate sheets are available, but, because we feel at Rad Hook Transportation that personal service is the best way to do business, prices vary just like needs. So please call for an appointment to discuss your needs and join the family of Red Hook Transportation.We welcome you.John Sagona, President718-317-5378WE CAN MANUFACTUREYOUR PRODUCTIN OUR 100,000 sq. ft. BROOKLYN PLANTFULL SERVICE MANUFACTURINGLiquid Spray Painting Electrostatic Powder PaintingWAREHOUSING %u2022 QUALITY CONTROL * ENGINEERINGT i m 0011 I . %u201d m 1 for a quote on anyN %u25a0 %u25a0 contract proposalJL JL (7i8)154 Morgan A ve , Brooklyn, NY 11237 821-4220JobfabricationAssemblySilk screeningElectronic assembly PC Board, etcSpot weldingSheet metal forming and stampingaDesignProductPage 8, The Phoenlx/Brooklyn.lnc Section Two, September 18,1986