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Published: 10/28/2013 - Updated: 5 months ago


Hanover Marine examined

Hanover Marine, located just outside Cleveland on Lake Erie, is struggling to repay a loan from the state. As the company attempts to meet its state obligations, its owners worry they might have to lay off employees. CLICK ANY PHOTO TO ENLARGE AND START SLIDESHOW

Steve Malbasa, owner of Hanover Marine, discusses the financial position of his company at its headquarters in Fairport Harbor. The business, located just outside Cleveland on Lake Erie, is struggling to repay a loan from the state. Enlarge | Buy This Photo Steve Malbasa, owner of Hanover Marine, discusses the financial position of his company at its headquarters in Fairport Harbor. The ...
THE BLADE/KATIE RAUSCH
Three custom-built yachts sit in dry dock at Hanover Marine in Fairport Harbor. Enlarge | Buy This Photo Three custom-built yachts sit in dry dock at Hanover Marine in Fairport Harbor.
THE BLADE/KATIE RAUSCH
The front of Pamela Priddy's business, Health Plan Administrators, is largely unmarked at its location in Youngstown. Another of Priddy's companies, Myriad Health, received a $750,000 loan from the state of Ohio in 2008.  Enlarge | Buy This Photo The front of Pamela Priddy's business, Health Plan Administrators, is largely unmarked at its location in Youngstown. Another of Priddy's ...
THE BLADE/KATIE RAUSCH
Anthony Crimmins, a process engineer, checks over a 47-foot-long yacht in production at Hanover Marine in Fairport Harbor. Enlarge | Buy This Photo Anthony Crimmins, a process engineer, checks over a 47-foot-long yacht in production at Hanover Marine in Fairport Harbor.
THE BLADE/KATIE RAUSCH
Employees manufacture virtually the entirety of each custom built yacht inside the Hanover Marine facility in Fairport Harbor. Enlarge | Buy This Photo Employees manufacture virtually the entirety of each custom built yacht inside the Hanover Marine facility in Fairport Harbor. ...
THE BLADE/KATIE RAUSCH
Cabinet maker Jim Gersin, a 20 year employee, crafts a cherry cabinet for a custom yacht. Enlarge | Buy This Photo Cabinet maker Jim Gersin, a 20 year employee, crafts a cherry cabinet for a custom yacht.
THE BLADE/KATIE RAUSCH
Gary Parnaby, center, works on the wiring inside a custom yacht still in production at Hanover Marine in Fairport Harbor. Enlarge | Buy This Photo Gary Parnaby, center, works on the wiring inside a custom yacht still in production at Hanover Marine in Fairport Harbor.
THE BLADE/KATIE RAUSCH
Employees manufacture virtually the entirety of each custom built yacht inside the Hanover Marine facility in Fairport Harbor. Enlarge | Buy This Photo Employees manufacture virtually the entirety of each custom built yacht inside the Hanover Marine facility in Fairport Harbor. ...
THE BLADE/KATIE RAUSCH
Patrick Kordos, center, works on assembling one of the custom yachts in production at Hanover Marine in Fairport Harbor. Enlarge | Buy This Photo Patrick Kordos, center, works on assembling one of the custom yachts in production at Hanover Marine in Fairport Harbor.
THE BLADE/KATIE RAUSCH
Gary Parnaby, center, disembarks from one of the custom yachts still in production. Enlarge | Buy This Photo Gary Parnaby, center, disembarks from one of the custom yachts still in production.
THE BLADE/KATIE RAUSCH
Three custom-built yachts sit in dry dock at Hanover Marine. Enlarge | Buy This Photo Three custom-built yachts sit in dry dock at Hanover Marine.
THE BLADE/KATIE RAUSCH
Steve Malbasa, owner of Hanover Marine, discusses the financial position of his company at its headquarters in Fairport Harbor. Enlarge | Buy This Photo Steve Malbasa, owner of Hanover Marine, discusses the financial position of his company at its headquarters in Fairport Harbor....
THE BLADE/KATIE RAUSCH


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