Circumnavigator sails on despite loss of racing yacht

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American sailor Brad Van Liew's racing yacht is on its way to France for a new race with a new owner and his 15-year-old sailing company is out of business.

On Thursday, U.S. Bankruptcy Court closed the book on Van Liew Ventures, ending one chapter in the life of the only American to race solo around the world three times.

Van Liew's Le Pingouin was repossessed in December and sold at auction to one of the boat's creditors in January. It has since been resold to a French team, which plans to run the boat in the Vendee Globe, a non-stop race around the world.

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